Getting prequalified is a quick and simple way to find out how much you could borrow. No impact to your credit score.
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.
Mortgage prequalification helps you better understand your home loan options. Learn how it's different from preapproval, how to get prequalified, and more.
Learn more about how mortgage prequalification vs. preapproval can help you understand the amount you might be able to borrow for a home.
Related topics ; What is Mortgage APR? ; How much house can I afford? ; Mortgage process
Learn how to prequalify for a mortgage and when you will need to get pre-approved.
Discover how to get a mortgage preapproved and increase your chances of closing on a house when you’re shopping
What’s the difference between being prequalified vs. preapproved for a mortgage? Bankrate explains how the status differs.
A mortgage preapproval will give you a good idea of your home loan options, price range, and how much your monthly payment might be. Learn how to get preapproved.
Key Takeaways ; Preapproval is one of the first steps in getting a mortgage and involves a credit pull and a financial review. ; You will need a collection of financial documents showing your income and payment history, such as W-2 forms, pay stubs and tax returns. ; You can improve your chances of preapproval by making consistent payments on debts and paying more attention to your credit report.