Get pre-qualified before shopping for a home
When a homebuyer is pre-qualified, the lender performs a quick check to find out how large a mortgage the buyer can afford. The banker or mortgage broker looks at basic information on income and balance of payments on current debts and how much money has been saved for a down payment. Qualifying ratios are applied to those figures to determine what percentage of your gross monthly income can be used to pay for the mortgage and attached expenses. Essentially, when pre-qualified, the lender is saying it would probably approve the buyer for the amount. Pre-qualification is an approximation, an educated guess at what the borrower can afford.
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