Frequently Asked Questions
|What is prequalification?|
prequalification is when you have spoken to a lender, usually over the phone. You will need to provide the lender with the information described above. They will in turn give you an estimated amount they believe you would qualify for if all the information you have given is accurate.
IT DOES NOT MEAN YOU ARE QUALIFIED!!
People often think because they are prequalified they can get the loan for the home of their dreams. That is not true. At this point in the loan process, the lender has not run a credit check, or verified any of the information you have provided. There is always a chance that there could be items on your credit report that are inaccurate of that you have forgotten to pay that may inhibit the loan process, or affect the loan amount.