Tuesday, May 8, 2018 / by Ian Gray
A Good Start: Pre-Qualification
Pre-qualification is the process by which a lender loosely determines your eligibility and price of home you can afford based your current financial budget and credit history.
To get pre-qualified, you will be required to give your name, address, income, assets and social security number to your lender. The lender will review your credit history and, based on that information, determine what, if any, loan programs you qualify to use in purchasing your new home. (Deep breathes, you got this!)
This basic assessment leaves lots of room for misinterpretation on the part of both parties. You may give the lender your gross income before tax deductions and basic asset information and unknowingly leave out critical information t. ...