Pre-Qualification

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Three Key Benefits of Mortgage Pre-Qualification

1. Know Your Budget – Pre-qualification gives you an estimate of how much you can afford, helping you focus on properties within a realistic price range.
2. Increase Your Credibility – Sellers often take offers from pre-qualified buyers more seriously, as it shows you’re financially prepared.
3. Save Time – By clarifying your financial picture up front, you can streamline the home-buying process and avoid delays once you’re ready to make an offer.

How the Pre-Qualification Process Works

1. Initial Application – You’ll provide basic financial information (income, debts, and estimated credit score) to your lender.
2. Pre-Qualification Estimate – The lender uses this data to determine an approximate loan amount you may be eligible for.
3. Further Steps – You can then move on to a more formal pre-approval if you wish, which involves a deeper review of your documents and credit.

Documents/Information You’ll Need

• Proof of Income: Recent pay stubs or tax returns.
• Employment Information: W-2s or 1099 forms from current and past employers.
• Bank Statements: Documentation of checking, savings, or investment accounts to verify assets.
• Credit Details: An estimated credit score and permission for your lender to run a credit check.
• Identification: A valid photo ID, such as a driver’s license or passport.