One good thing about pre-qualifying for a mortgage is that it’s FREE thru us! Most lenders will collect your pertinent financial information - income, expenses, savings, debts, existing home equity (if any), other assets, etc. - run the numbers and then tell you what you can afford to finance under their guidelines. It can help prevent you from “having eyes that are bigger than your stomach,” in other words, getting into a home that is more than you can afford.
A mortgage professional can also explain your options, including special mortgage programs you may not even be aware of that differ from traditional fixed-rate or adjustable-rate mortgages. Pre-qualification is the best way to determine the range of what you can afford. In most cases, if you have assembled all the pertinent paperwork necessary for the pre-qualification process, a potential lender should be able to run the numbers and provide you with an answer within a day or two, sometimes on the spot.
Remember that the amount you pre-qualify for is the maximum amount you will be able to borrow, although you could select a home with a lower price tag, if you desire.
CLICK HERE for a FREE NO OBLIGATION Pre-Qualification Analysis.