Benefits of a mortgage prequalification · Mortgage prequalification is a simple process that uses your income, debt, and credit information to let you know how much you may be able to borrow. Getting prequalified before you shop for homes can help you: Focus your search. Establishing your price range up front means you can target the right homes within your budget. Move forward confidently. When it’s time to make an offer, you’ll have the confidence of knowing you can back it up. Know your...
Ready to buy a home? Take the first step and get prequalified for a mortgage to determine your budget, potential interest rates and loan terms.
Mortgage prequalification helps you better understand your home loan options. Learn how it's different from preapproval, how to get prequalified, and more.
Related topics ; What is Mortgage APR? ; How much house can I afford? ; Mortgage process
Key takeaways ; Prequalification does not require paperwork or a hard credit check, so it won't negatively impact your credit score. ; Prequalification can help establish a general home buying budget, but it's not a commitment for financing, like preapproval. ; Prequalification is different from preapproval, which involves submitting documentation and a hard credit check, and holds more weight when making an offer on a home.
Preapproval · How Much Can I Prequalify For? · How to Get Prequalified · Factors that Affect Your Prequalified Amount · How to Improve Your Chances of Getting Prequalified or Preapproved for a Mortgage · How Does a Mortgage Prequalification Affect Your Credit?
Learn how to prequalify for a mortgage and when you will need to get pre-approved.
Seriously considering buying a home? Get prequalified for a mortgage loan with South Carolina Federal Credit Union so you can secure your dream home.
It offers a specific estimate of how much you can receive when you apply for a mortgage. A preapproval does not guarantee final approval, but it increases your chances and can make you stand out from other potential buyers. Lenders review your income, assets, and other information during a preapproval. Sellers take preapprovals more seriously than prequalifications, but it’s better to have at least one than nothing. ...
Two recent pay stubs showing your year-to-date income ; Federal returns from the past 2 years ; W-2 forms from the past 2 years