GETTING PRE-QUALIFIED
Once you have an idea of the type and size home you want and
the area you'd like to look in, you should be pre­qualified by a
lender. By doing this before looking for a home you'll save
yourself time, energy and frustration because pre-qualification
can:
Determine How Much Home You Can Afford
    Pre-qualification helps you avoid buying more home than you
    can afford or being disappointed if you don't qualify for as
    much as you had hoped.
Show What Your Total Investment Will Be
    You'll know approximately how much money you'll need for
    down payment and closing costs.
Let You Know What The Monthly Payment Will Be
    You'll have a close estimate of what your monthly principal,
    interest, taxes and insurance(PIT) will be.
Identify the Loan Programs You Can Qualify For
    With the wide variety of loan programs available, it is important to
    know which types you qualify for and which will best suit your needs.
Strengthen Your Offer
    Sellers are more inclined to accept realistic offers when they know that you have taken the time to be interviewed by a lender and
    can probably qualify for the loan.
At this point, your lender can also help you determine alternatives and strategies that could help you buy the home of your dreams.
Some examples include:
  • Special First Time Homebuyer Program
  • Co-Mortgage Financing
  • Debt Consolidation Counseling
In order to be pre-qualified, the lender will need to know the following:
  • Your Employment History and Income.
  • Your Monthly Debts and Obligations.
  • The Amount and Source of Cash Available for Down Payment and Closing Costs.
When you are pre-qualified by a Mortgage Company, you'll receive a FREE Pre-Qualification Certificate to give to your Realtor®. The
seller may be more likely to accept your offer because he/she may know you are qualified to buy their home.
Helen's Real Estate