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How do I know if I qualify for a home loan?

  • April 27 2014 - Canon
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Answers (8)

If you want to know if you can be qualified then the first step would be to speak with a lender that fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to get pre-approved for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Connecting with a lender is a great way to kick start your home buying process. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 28 2014
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Profile picture for D will127
The Mortgage Professor has a nifty little tool you can use as a first step to see if you qualify and offers potential remedies if you don't qualify. http://www.mtgprofessor.com/ext/partners/qualification.aspx
  • April 28 2014
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Profile picture for GMerino

ashleighandclint,

When you speak to a loan officer and you go through a pre-qualification along with looking at your credit report the loan officer should be able to inform you if you should move on to the next step of qualification phase. 

It is an easy process and should be done prior to you looking for a home so that way you are not disappointed if for some reason you did not qualify to buy a home. 

  • April 28 2014
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Hi Ashleigh,

Qualifying for a home loan can be scary for some. I've helped many first time home buyers and many second time home buyers (who maybe have forgotten everything from the first time they bought) to qualify.

The first thing you need to know about qualifying for a mortgage is this: find a realtor or mortgage loan officer you trust. This is key, because you can go online and find 1,000 realtors who you don't know or you can ask friends or relatives who they have used and trust. The first house I purchased with my wife was with a realtor from our church.

Know this: not all lenders are the same. What I mean is that a "big bank" lender may or may not have the same loans available or the best rates in town.

I would love to help you qualify for a home loan - contact me through my profile. Sometimes it can be a process of credit improvement, or increased savings, or time at employer before your ready and only a lender will be able to help you with a game plan.

I hope this helps!
  • April 28 2014
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The easiest way to get prequalified is to find a reputable REALTOR in your area and ask them for a list of mortgage companies. There is a difference when comparing mortgage companies to banks for preapprovals. Banks sometimes ( but not all the time) charge higher fees that actual mortgage companies. Remember this when prequalifying. Also, feel free to shop around and use the leverage from one to get better deals from another. They want your business. Make them earn it. Good Luck!

  • April 28 2014
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You need to meet with a local lender and have them run your credit. Once that is done they will need your income and financial information information to determine if you qualify for a mortgage. 
  • April 28 2014
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We need to assess your credit, income, debts and assets to determine if and how much you can qualify to buy. By assets I mean money for down payment and closing costs. If you do not have a lot of money saved up, then there are other ways to locate the money to cover this. We can either do your application online of feel free to call me and we can discuss.
  • April 28 2014
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Profile picture for Dan Tabit
Ashleigh,
The only way to know for sure is to meet with a lender and get preapproved.  Real preapproval requires an application and documentation including your pay stubs, bank statements and W2's. 
Application and credit only preapprovals are subject to misunderstandings and mistakes.  Take the time to get a real preapproval and you can shop with confidence.
  • April 27 2014
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