Why Get Pre-Qualified?
1. Pre-qualification is a free process and provides a preliminary assessment of your mortgage potential. By sharing details about your credit, income, assets, and debts, the lender estimates how much you can afford.
2. Although pre-qualification is non-binding (as the information provided hasn’t been verified), it signals to potential sellers that you are a serious buyer with a good indication of creditworthiness.
3. If you are serious about buying, getting a pre-approval letter from your lender is a great first step towards getting you in your new home.