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How To Prequalify For A Home Loan?

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Prequalification is a process where a lender gives you an estimate of how much you can borrow. It is important if you want to know the maximum price you can afford before shopping for houses.


Prequalification is the first step in a mortgage process. As opposed to mortgage pre-approval, prequalification is based on self-reported information.

Why Apply For Prequalification?

  • Get an estimate of the amount you can borrow, monthly payments, and interest rates available for you.
  • Know the price range to look for houses in
  • Show sellers that you are a serious buyer, making them more willing to work with you
  • Compare available loan options
  • Compare offers from different lenders and choose the most beneficial
  • Find and solve problems with credit and documentation before paying for pre-approval
  • It’s free and can be done online


An important fact to remember is that the amount of money you get prequalified for doesn’t always guarantee that lenders would give you the same offer. It’s simply an estimate which allows you to see how much home you can afford.


Getting pre-approved, on the other hand, means that a more thorough investigation on your credit history, income, assets, and debts would have to be done.


How To Get Prequalified For A Loan?

The process of prequalification itself is very easy and can be done online or via phone. Although the information you provide about your finances will not be verified, try to keep it as accurate as possible.


This way you’ll avoid getting a wrong loan estimate and pursuing unrealistic expectations.


  1. Find a lender. Since prequalification doesn’t commit you to a lender, you can apply for different companies without losing anything. When the results of your prequalification are ready, you can choose the one with the best interest rates and loan terms.
  2. Fill out a form. The form can be filled online or through a phone call. You will only need some basic information, such as your name, income, assets, and debt load.
  3. Receive a loan estimate. An estimated maximum loan amount and monthly payments will then be given to you. Remember that it does not guarantee that you will close the deal on that amount. If you are content with the amount indicated in the prequalification, the next step is to get pre-approved for your loan.


It is not compulsory to get prequalified for a loan, but it makes things much easier for you as a borrower. You will know what to expect from the loan process and possibly prevent unnecessary expenses when buying a house.


If you’re not sure where to start, our mortgage brokers at Ebenezer Mortgage Solutions can help you.


We can provide you with a prequalification letter, showing that you are qualified and capable of getting a loan. And with our wide-range network of lenders, we’re sure we can find one that suits you best.

Get prequalified now! For any questions or queries, call us at (813) 284-4027. Let us help you take the first step towards buying your dream home!

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