Prepared to purchase your next home? As a prospective homebuyer — or as a realtor you know what you need to qualify for a home loan— you want to make sure. To be able to prepare for this huge step, here is a home loan prequalification checklist.
What Is Prequalification, Exactly?
First, it is important to note that pre-qualification may be a good step that is first the home buying process, though it is not required. If you should be looking to get a mortgage, it is in addition crucial to get pre-qualified by a lender that is reputable. This really is an easy process, but it’s important to keep in mind it isn’t exactly like being pre-approved for a mortgage — although some lenders might use these terms interchangeably. (more…)