Before you begin to shop for a new home, you should set up a time to meet with a mortgage lender so you can figure out how much you can afford. This will put you in a better position as a buyer.

To get pre-qualified for a loan, your lender will collect information about your debt, income, and assets. They will look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. It's short and to the point, with minimal paperwork.

Once you qualify, the lender will give you a Pre-Qualification Letter which says they are confident you'll qualify for a loan at a certain amount. When you find a house that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through.

More importantly, to a home seller, your being pre-qualified is like you walked into their house with a suitcase full of cash to make the deal. They won't have to wonder if they're wasting their time because you'll never qualify for a mortgage to finance the amount you're offering for the home. You have the clout of a buyer ready to make the deal right now!

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 09/09/2010. The listing information on this page last changed on 09/09/2010. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of MTRMLS, Inc. (last updated Thu 09/09/2010 7:36:03 AM EST). Real estate listings held by brokerage firms other than SilverPointe Properties may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --
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