Before you start house hunting, prequalify.

Posted on May 31, 2019

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You don’t have to wait to find the perfect home to secure your loan. In fact, getting prequalified for your mortgage can improve your home buying process.

Know your options Discussing mortgage options with your lender ahead of time can help you pick the type of loan that works best for you.

Stick to your budget A prequalification will give you a good idea of how much you can afford to spend before you start house hunting so you can stay within your budget.

Appeal to the seller When you’re ready to make an offer, a prequalification lets sellers know you’re serious about buying. In fact, many sellers require a formal prequalification letter from the lender before accepting a bid.

A mortgage prequalification isn’t a final commitment that your loan will be approved. Once the seller accepts your bid, your loan application will be submitted for a full underwriting review, so it’s important that the information you provided for your prequalification review is accurate and doesn’t change during the process.

A few examples of items we verify during the final underwriting process that could affect the terms of your approval or even prevent a final approval include:

  • new debts or obligations
  • missed payments
  • income or job changes

When in doubt about making any changes before final approval, including paying off debt, the best rule of thumb is to consult your loan officer.

If you’re planning to make a move this summer, don’t miss out on the perfect home. Apply now to get prequalified for your mortgage loan. Call 615-465-5414 or 615-465-5408 to speak with one of our mortgage professionals or apply online at southeastfinancial.org.

Disclaimer: Loan approval, interest rate, and down payment required based on creditworthiness, amount financed, and ability to repay. Other fees may be assessed, as applicable. Rates, terms, and conditions are subject to change. Other restrictions may apply.