Getting Prequalified

It's important to talk to a lender as early in the home search process as possible so that you know:

• How much you can afford to spend on a home (including principal and interest, property mortgage insurance, property hazard insurance, taxes, condo dues, etc.)
• Which loan programs are available to you (no money down, conventional, WHEDA, FHA, VA, etc.)
• Basic information that is needed to structure your offer
• Today's interest rates

It's also helpful to be prequalified before you write an offer so that you can submit a prequalification letter with your offer to purchase. This demonstrates to the seller that you have been in touch with a lender or mortgage broker. In addition, you'll be in a better position when your offer is competing with others.

Getting prequalified is just a phone call away. If you need the name(s) of a lender or mortgage broker, please visit the Service Providers section of my web site.

When you make the contact, you'll be asked to provide your approximate annual household salary, any additional income and debt information. To save yourself time, be prepared to share this information when you contact the lender or mortgage broker.

One reminder: It's wise not to have more than two potential lenders and/or mortgage brokers conduct a review of your credit. When too many credit reports are ordered, it can actually reduce your credit score.