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Highlands Residential Mortgage Resources

Are You Ready to Get Pre-Qualified?

By: Highlands Residential Mortgage

Thinking about buying a home?  Chances are the thought triggers a variety of questions.  What can I afford?  What determines how much I can borrow? How much do I need to put down?

Getting pre-qualified for a mortgage loan is a great place to start and can help answer these questions!  The goal of a mortgage pre-qualification is to help you understand your buying power and to determine the best mortgage option for you.

Why should I get pre-qualified for a mortgage loan?

In recent years, mortgage guidelines have tightened.  The market has changed substantially and working with a professional loan originator on a pre-qualification will help you see the road to homeownership much clearer! You will work with your loan originator to determine what fits your budget and what loan programs can help you expand your purchasing power.

What advantages will I have once pre-qualified?

The biggest advantage is that you will be certain about the price range that is best for you.  You’ll be armed with the knowledge of how much cash you need to close, and you will know your maximum monthly payment.  Understanding your limits helps you negotiate with confidence.

How long is a pre-qualification valid?

Your pre-qualification is typically good for the “shelf life” of the documents used.  This could include a credit report, pay stubs, bank statements, W2s, tax returns, etc.  The usable life of these documents will vary, yet it’s usually safe to say that your pre-qualification is good for a few months.

What if I change my mind?

That’s perfectly fine!  There’s no obligation to purchase a home or use a specific loan program once you’re pre-qualified.

The process of purchasing a home is easier when you have financing in place before you make an offer.  Highlands Residential Mortgage is here to get you started – it’s never too early to do exactly that!

Click HERE to find a loan originator in your area who can help!