In the current economy, lending guidelines have become more restrictive. What this means for you as a consumer and potential homebuyer is that pre-qualifying for a mortgage is even more important than it has been in the past. Not to be confused with pre-approval for a loan, pre-qualification is a process by which you can determine how much house you can actually afford.
How Does Pre-Qualification Work?
Pre-qualification isn’t a commitment. Being pre-qualified doesn’t mean that you’ve agreed to a mortgage with any lending institution. You are under no obligation whatsoever.
All you need to do is find a lender you feel comfortable with. They’ll act as your advisor. Obviously, you want the best advisor you can get, so you’ll want to check out the…