Your Most Trusted Partner in Home Purchase Loans & Refinance Loans
Open Hours: Mon. - Fri., 9:00 a.m. - 6:00 p.m.
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.
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.
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.
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.
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!
