|
Discovering Homeownership:
Is Homeownership For You?
| Why Own a Home? | Rent
or Buy? | How Much Money | Prequalify
for a Mortgage
Pre-Qualifying For a Mortgage
If you think homeownership is for you, you should consider pre-qualifying
for a mortgage. Through prequalification you will be able to learn
what size of a mortgage is right for you and then be able to search
the proper home price ranges.
Pre-Qualifying lets you:
| • |
Know how much you can borrow |
| • |
Confirm your credit, income, and employment history. This
information will give you the ability to qualify for a mortgage. |
| • |
Allows you to deal with your seller from a stronger position
enabling the seller to be more likely to accept your offer
than from a buyer that has not been pre-qualified. |
To becoming pre-qualified you need to sit down with a lender.
Your credit history, income and employment history will be reviewed.
To aid your lender you will need to provide verification of the
income and employment you have stated.
Upon completion of your pre-qualification, ask for a pre-qualification
letter. This letter will notify your Realtor and home
seller that you have the ability to qualify for a certain mortgage
amount.
How to Proceed
You have come this far! You have completed the first section
of our Navigating Your Course to Homeownership.
If homeownership seems to be of interest and right for you, the
next Chapter, Using Your Income and Credit Wisely, will let you
know how much power you really have by using your income and credit
wisely.
Remember homeownership is within your grasp.
Section 2: Learning
About Credit and Income
Is Homeownership For You?
| Why Own a Home? | Rent
or Buy? | How Much Money | Prequalify
for a Mortgage |
