Being prequalified by a mortgage lender lets you know how much you can borrow. Should you get pre-qualified before you shop for properties? Short answer is YES! 

What if you have bad credit? What if you qualify for way less than you expected? Finding out these potential hurdles BEFORE you put a property under contract could save you thousands of dollars and most importantly, your time. We commonly have this conversation with our buyers to ensure they have a great lender they're working with and have their finances in order. 

Getting pre-qualified doesn't require a commitment from you or the bank. When you get prequalified, you can request a letter stating how much you may be able to borrow, based on the information you provided. You can give this letter to your real estate agent to show you're a serious homebuyer.

Here's a simple checklist to get started: 

If you are interested getting prequalified, simply contact Shannon Foley or Graver Johnson with Cornerstone Home Lending. 

(Checklist image provided by Cornerstone Home Lending - Shannon Graver Team.)

What's the difference between getting pre-qualified and pre-approval? Read our article to find out! 

Posted by Tamara Williams on
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