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 a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
- Its home equity line of credit can be used for an owner-occupied or second home.
- Has a program to enable buyers to make cash offers.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Read our New American Funding review
- Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
- Offers the option to work with loan officers by phone if desired.
- Largest FHA lender in the nation.
- Read our Rocket Mortgage, LLC review
- Offers 24/7 customer service over the phone.
- Offers a free credit counseling service.
- Mortgage rates are on the low side, according to the latest federal data.
- Read our Veterans United 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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