Get A Prequalification & Preapproval For A Mortgage
Mortgage prequalification is an informal evaluation that helps you determine how much home you can afford. Get prequalified or even preapproved before you start shopping for a home.
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- Offers down payment and closing cost assistance.
- Largest lender, by volume, of FHA loans in 2024.
- Borrowers can apply via mobile app.
- Read our Rocket Mortgage, LLC review
- Offers a wide variety of purchase and refinance mortgages, as well as unique buyer assistance programs.
- Its home equity line of credit can be used for a primary residence or second home.
- Read our New American Funding review
- Competitive interest rates and fees.
- Offers most common loan types, as well as a handful of specialty loans.
- Payouts are available to borrowers whose loans don’t close on time.
- Read our NBKC review
- What is a mortgage prequalification and why does it matter?
With a mortgage pre-qualification, a lender gives you an informal evaluation of whether you meet minimum requirements for a loan and how big that loan may be. This is a crucial step for those who aren’t sure whether they’re financially ready to buy a home. However, if you’re confident in your finances or have already been pre-qualified, you might want to get preapproved instead.
- How long does it take to get prequalified for a mortgage?
You can get prequalified in a couple of days or less. To get prequalified, you tell a lender some basic information about your credit, debt, income and assets. In return, you’re told how much you may be able to borrow. Keep in mind that the evaluation is informal and nonbinding because the lender doesn’t verify the information you provided or look at your credit report.
Depending on the lender, pre-qualification can happen in person, over the phone or online.
- What's the difference between prequalification and preapproval?
Unlike prequalification, preapproval requires proof of your debt, income, assets, credit score and history.
To get preapproved, you’ll need to provide documentation such as pay stubs, tax records and proof of assets. Once the lender verifies your information, which may take a few days, it should supply a preapproval letter you can show a Realtor or seller to prove you’re able to buy a home.
Remember that prequalification doesn’t guarantee preapproval. You can still be turned down if your financial documents don’t support the numbers you reported.
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