Home Buying Guide - Mortgage Free Prequalification Process
Step 2: Call Miller Mortgage, LLC @ 877-538-7967 to begin the free prequalification process.
Getting prequalified will give you an idea of the amount you can borrow to purchase a home. A prequalified letter can be extremely beneficial for many reasons.
Below are some advantages of getting pre-qualified.
- Help you prepare your budget.
- Help you set expectations.
- Help you strengthen your negotiation position when making an offer on a home.
With over 15 years experience, we have advice with the prequalification and budgeting process. Once you get prequalified, prepare a budget that you are comfortable with. You may get prequalified for more than you are comfortable with, but our recommendation is to stick with your budget. For example, a lot of clients enjoy going out to dinner, drinks and going on vacation. It’s important to factor in your lifestyle when creating your home purchase budget.
You might still be asking what is a prequalification? Prequalification is an estimate of the amount you can borrow to buy a home. The prequalification amount is based on your household income and assets. A lender might run a credit check at this point as well.
Please note that this process is not a pre-approval, which is a much more comprehensive process. You are NOT getting into a loan commitment at this point. A prequalification is to help you get an idea of how much you can borrow so you can prepare your budget to start the house hunting process. Understanding your price-range for a home purchase is essential to a successful house hunt.
Click on our free mortgage calculator to learn more.