Understanding the Mortgage Pre-Qualification Process

Understanding the Mortgage Pre-qualification Process Home buyers should begin the mortgage pre-qualification process before looking at potential homes. 14 To get pre-qualified, lenders interview you about your income, expenses and credit. This is to ensure you could afford to make mortgage payments. A lender will issue a pre-qualifications letter indicating the loan amount you could receive. 24 Sellers and real estate agents typically prefer pre-qualified buyers. Pre-qualifications helps speed up the actual loan approval process. However, a pre-qualification does not always guarantee loan approval. Castle & Cooke MORTGAGE, LLC NMLS #1251 http://www.credit.com/loans/mortgage-questions/how-to-get-pre-approved-for-mortgage-home-loan/ http://www.bankrate.com/inancelmortgages/do-you-need-mortgage-preapproval.aspx