“Getting prequalified is the first step in the home-buying process” says Kim Gillette, assistant vice president, mortgage production manager, adding that prequalification generally takes 24-48 hours and can be done by visiting any branch or applying online.
To prequalify, buyers need to know basic financial information such as gross monthly income and job history.
Being prequalified gives buyers the following advantages:
- Lets you know the loan amount you qualify for so you can shop within your budget
- Gives estimated interest rates
- Provides an estimate of monthly payments
- Explores mortgage loan types that best fit your needs
- Provides costs and fees associated with the various loan types
- Tells what to expect during the loan process
- Allows seller and realtors to know you are serious about purchasing
- Expedites processing when a contract is finalized
- Allows you to review your credit for items that may need to be fixed prior to buying