Mortgage Pre-Qualification Frequently Asked Questions
Getting pre-qualified is an important first step in the homebuying process. It helps you understand how much home you may be able to afford, making it easier to shop within your budget. A pre-qualification letter also shows real estate agents and sellers that you are a serious buyer and have already taken steps to review your financial situation. This can give you greater confidence when making an offer on a home.
A pre-qualification letter is a document provided by your mortgage lender after reviewing your financial information. It indicates that you have discussed your mortgage options with the Bank and may qualify for a home loan up to a certain amount. The letter accompanies your purchase offer and gives the seller confidence that you are a qualified buyer and have the financial ability to complete the purchase should your offer be accepted.
No. You do not need to have a specific property in mind to get pre-qualified. Pre-qualification focuses on your financial situation, including factors such as income, assets, and debts, to help determine an estimated loan amount, monthly payment, and home price range that may fit your budget.
The easiest first step to getting pre-qualified for a mortgage is to speak with one of our Mortgage Bankers about your options.
You may also use our online pre-qualification tool. You’ll be asked to provide basic financial information, such as your income, assets, and existing debts. Based on that information, we’ll help you understand your homebuying budget and provide a pre-qualification letter if appropriate.
