Your Purchasing Power

You can improve your purchasing power when looking for a home by making sure you are pre-qualified by a mortgage lender.

Prequalification

A mortgage lender will evaluate a potential homebuyer's credit report plus earnings, savings and debt information to get an estimate of the mortgage amount the borrower would qualify for. This is based on documentation the borrower has in hand, or what the borrower tells the lender. The review can take as little as a few hours or as long as a few days.
Prequalification is usually free.
For an estimate of buying potential, please fill out our simple loan application.

Once you and the seller agree on a price, you both will sign a sale contract, which will spell out conditions each party must meet for the sale to go through. A closing of the sale generally hinges on both the buyer's ability to obtain the mortgage loan and the seller's completion of some home repairs.

Tip

Remember if any of your financial circumstances change before closing on the sale of the home, you must contact the lender. The loan prequalification or pre-approval may no longer be valid.