Buyer Prequalification

BEFORE we meet to look at homes, you will need to call a loan officer to be pre-qualified. Being pre-qualified is much different than being pre-approved. During the pre-qualification process, the loan officer will:
> Check your credit (be sure to ask for your credit score)
> Obtain your gross monthly income and monthly debt load
> Discuss your employment status
> Ask about your down payment and closing cost funds

You should have all the above information readily available when you call. If your partner or spouse will be qualifying with you, make sure you have their figures and social security number available as well. All of this information will be verified later so don't lie!!

Based on the information that you provide, your loan officer will tell you how much home you can afford and the type of financing that would best suit your needs (FHA, Conventional, VA). Next, your lender will issue a pre-qualification letter which we will use when we make an offer on a home - you should ask that a copy of the letter be emailed or faxed to both of us. It is generally not a good idea to let the seller's agent know how much home you can afford to buy. We'll talk about how I want your letter written before we sumbit it with your offer to purchase.

You may also wish to get a Good Faith Estimate at this time. The GFE will list all the fees associated with this loan, your approximate monthly payment, and potential interest rate. We will use this document later when we shop for the best deal. Don't get too hung up on the rate at this point - rates change constantly so by the time you find a home, the rate on this GFE will be obsolete.

Note! Be sure to check with me before you give anyone money!

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