Mortgage Pre-Qualification – What is Required?

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Mortgage Pre-Qualification – What is Required?
If you are trying to get a mortgage pre-qualification letter then you are headed in the right direction. A pre-qualification letter may help you negotiate with a seller when you are making an offer on a home. The pre-qualification can also help put your mind at ease if you are concerned about whether or not you will get approved for a mortgage loan.
Make sure you know that not all mortgage pre-qualification letters are equal. Some mortgage lenders offer a thorough pre-qualification for a mortgage loan. Some other lenders do an extremely basic review in order to get you a pre-qualification letter that will make you stick with them during the buying process. If at all possible try to choose a lender that offers a detailed mortgage pre-qualification.
Mortgage Pre-Qualification – What to Expect
A lender that offers a true pre-qualification for a mortgage will require some basic financial information that will determine if you fit within the parameters of their loan offerings. This information will include:
· Full names of all borrowers
· Social security numbers of borrowers
· Income and asset details of all borrowers (they may or may not want to see actual proof)
· Property purchase price
· Down-payment
· Current mortgage information (if you own any property)
The aforementioned information will be required in order for them to provide you with a pre-qualification letter. If the mortgage lender does not ask for one or more of this you should wonder if the pre-qualification the lender is offering is too cursory to be of any real value to you.
Mortgage Pre-Qualification – What it Says
Depending on the lender, the mortgage pre-qualification will contain different information. Keep in mind that a pre-qualification is not a guarantee that you will get a mortgage approved. A mortgage pre-qualification generally states that based on the information you provided you would likely qualify for a mortgage through that lender. The letter may include limits on the approval.
Make sure you read the letter carefully and speak to your lending agent to make sure you have complete understanding of what the likelihood for approval is.
If you know what you are actually going to get when applying for a pre-qualification letter you are ahead of the game. Be skeptical of any mortgage lender that is giving you a very cursory pre-qualification letter without asking all of the basic information listed above. Get a true real pre-qualification letter and you will feel more confident in your home buying process.

This article is intended for general information. Always seek sound financial and legal advice before making any financial decision.

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