There's nothing more frustrating than finding the home of your dreams, and realizing it is unaffordable. A mortgage pre-qualification prepares you with the confidence of knowing what you can afford. It allows you to focus on your search so that you can make your purchase offers quickly when you find the home you love. Additionally, it equips you with a negotiating advantage with a seller once you’re ready to make an offer.
Use this checklist to gather all the documents and information you will need to successfully submit your application.
Consulting with a Heartland Bank lender is the first step you should take in the home buying process. Most buyers will need a mortgage to finance their home purchase, so we advise that you prepare before you look.
Your lender will generate a mortgage pre-qualification based on your debt-to-income, your credit score, and your overall financial position. You should also consider your budget and comfort level with the payment amount.
A pre-qualification letter will state the estimated loan amount your lender has calculated based on your income and credit profile without any documentation. Click on the link below to download our helpful checklist of the items you'll need to complete the pre-qualification process.
Brandon & Kacee Thompson share their experience of buying their first home.