A prequalification gives you an estimate of how much you can borrow based on your income, employment, credit and bank account information. All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice.
Pre-qualification can be done over the phone or online, and there’s usually no cost involved. It’s quick, usually taking just one to three days to get a pre-qualification letter. Your online application will be instantly run through our Automated Underwriting System and upon approval you will be able to print out your pre-qualification.
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When you get prequalified, you can request a letter stating how much you may be able to borrow, based on the information you provided to the bank. You can give this letter to your real estate agent to show you’re a serious homebuyer. You can see if you prequalify online or by talking to a mortgage loan officer.
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To get prequalified, you supply the lender with financial information, and the lender calculates how much you can borrow. Get a Mortgage Prequalification – NerdWallet – Get a mortgage prequalification.. which may take a few days, it should supply a preapproval letter you can show a Realtor or seller to prove you’re able to buy a home.
A free mortgage prequalification lets you know roughly how much you can borrow, based on basic financial data you provide. There is no fee or obligation and no credit check involved. A pre-approval involves a more detailed look at your data and is based on a preliminary review of your credit information.
By filling out one quick online form, Where to get them:. Get a Mortgage Prequalification – NerdWallet – Get a mortgage prequalification.. which may take a few days, it should supply a preapproval letter you can show a Realtor or seller to prove you’re able to buy a home.
The best way to make sure that the letter you have will serve its purpose is to ask a local real estate agent. Lenders usually check your credit when issuing a prequalification or preapproval letter. Many people wait to get a preapproval letter until they are ready to begin shopping seriously for a home.