Why should I get pre-qualified?
Getting pre-qualified is a key step to starting a home search. It’s an important resource for you and your realtor. Before a realtor will write an offer on your behalf, they will want a copy of your pre-qualification letter. It also allows you to make a well-educated offer knowing it fits within your budget and price range.
What is a pre-qualification letter?
Once you are pre-qualified, the bank will issue you a letter to provide your realtor to indicate you have spoken to the bank and that your finances are in order. The letter gives the sellers of a home that you may make an offer on assurance that your offer is valid and you are able to complete the purchase.
Do I have to have a property in mind to get pre-qualified?
No, you do not need a specific property address to get pre-qualified. Getting pre-qualified simply allows you and your lender to determine what monthly payment and purchase price fits into your budget the best.
What do I need to do to get pre-qualified (what steps are involved, what information is needed from the customer)?
Have a conversation with your lender or use our online pre-qualification tool. Knowing things such as monthly income and asset information is helpful when getting pre-qualified to purchase a home.