Can you get Prequalified for a Mortgage OnlineIs it possible to pre-qualify for a mortgage online?
Do not confuse a mortgage pre-approval with a prequalification.
Once the merchant informs you that you are prequalified, it can ask for your employer's name and social security number to check your earnings and your solvency, as stated in your loan notifications. This is to launch the mortgage pre-approval procedure. Once a mortgage is approved, a mortgage will be pre-approved by a local mortgage broker.
This could involve employers' proofs of earnings, recent fiscal declarations, banking and broker excerpts and loans reporting. Your optician will then call a professional to see how much you can pay and how big a mortgage is that you can buy. Your evaluation will lead to a pre-approval note from the creditor, which you can submit if you are bidding for a house.
Getting a pre-approval at your fingertips gives you a leap to other prospective purchasers. This will let the vendor know that you are a good prospect and that the merchant is likely to grant you a credit. The Consumer Financial Protection Bureau has stated, however, that according to the definition used by banking institutions, the concepts are not always defined in the same way.
EverBank, the online lending institution, for example, does not use the phrase "prequalification". Instead, it uses the concept of "pre-approval" for what other banking institutions call pre-qualification. EverBank calls what most bankers call a "pre-approval" a "credit approval", which means it has checked your revenue and your credibility. Remember that you are not obliged to lend from the institution that grants your pre-qualification or pre-approval.
Prequalification for a mortgage
Mortgage prequalification is an early assessment of a prospective borrower's creditworthiness that is used to estimate the amount of mortgage lending for which the person could be eligible. Obtaining pre-qualified is the first stage in the home purchase quest. Provide a creditor with fundamental information about your earnings and wealth, and the creditor receives an up-to-date financial statement.
Once your information has been evaluated, the creditor will give you a prequalification note with an estimation of the mortgage amount and the qualifying products. Whilst a prequalification is not a credit facility or authorization, it can help you when you begin purchasing for your home. Getting started with pre-qualification will allow you to talk to your creditor about any objectives or needs you have in relation to your mortgage.
There will be more attention to your listing as the broker and vendor know that you are pre-qualified, making your listing more appealing. Please call (804) 323-6800 or (800) 285-6609 if we can help you with your prequalification. You can start the trial by telephone, in a store or online.