Pre Qualify for Mortgage

Prerequisite for the mortgage

What is the difference between pre-approval and prequalification? Obtaining pre-qualification is like getting an appraisal from a lender and specifies how much of a loan you can likely afford. Nowadays, what does it take to qualify for a mortgage loan?

Hypothekenvorqualifizierung | How to prequalify for a mortgage loan

WHICH IS A MORTGAGE PREQUALIFICATION? While you are starting to search for a new home, it is useful to know in advance the mortgage amount for which you are eligible so that you can search for houses in this category. This prequalification procedure involves a filled-in request that will be checked by a mortgage advisor who will prepare a loan statement and give you the amount you can qualify for and help you determine which mortgage programme best suits your needs.

Where is the distinction between prequalification and pre-approval? Prequalification will give you what you can buy when you begin your quest to buy a house. In order to receive this amount in dollars, your creditworthiness will be checked and additional documentation may be needed to validate the details of your request.

Once you have chosen a house that you want to buy, you receive a pre-approval for a certain amount of the mortgage. In order to obtain a pre-approval, a mortgage insurer receives your rating, checks the documents and checks your housing request. Please click on the following link to apply for prequalification and one of our mortgage advisors will contact you.

Have a look at our Mortgage Qualification Calculator to see how much you will pre-qualify for and which home will be included in your household balance.

Prequalification vs. conditional credit approval?

Obtaining pre-qualification is like getting an appraisal from a lending institution and specifies how much of a credit you can likely make. More than a guideline for what you can qualify for, it is not a contingent permit. Prequalification is useful in helping you determine the amount of money you can afford to borrow. Preconditional lending permission means that you fill out a lending request and submit your pay, assets and liabilities documents.

The information you provide will then be reviewed and, if it complies with our policies, a letter of consent will be given. As part of the contingent lending authorisation procedure, a lending memorandum is prepared for each individual borrowing party. Press the Apply pushbutton on the right to launch the trial.

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