1. Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets, and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most and is free.
2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.
3. These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.
A 28-year veteran with more than $600 million in sales, Emily Gordon has a proven ability in residential sales. She offers clients an unmatched level of market knowledge, service, and integrity. She continues to surpass the previous years' results and currently leads the Westport Coldwell Banker offices in sales.
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