What's pre-qualification?

Pre-qualification is an informal discussion between borrower and lender to determine the loan amount you can borrow. The lender estimates the amount based on what the asset and income information you provide. That information is not verified by the lender, and the lender is not bound to approve that loan amount when you're ready to buy.

To get pre-qualified, click here.

Is it better to get pre-approved?

Loan pre-approval is based on documented and verified information regarding your employment, your income, your liabilities, your assets and the cash you have available to close on a home purchase. To a seller, a lender's pre-approval letter is much more powerful than a pre-qualification letter. If you are pre-approved, that means your financing is secure, and thus your offer is stronger. Pre-approval also gives you peace of mind as you shop for a home, knowing that you will qualify for the proper mortgage amount.

To get pre-approved, click here.