Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews. One of the first decisions you'll make when shopping for a home is what type of mortgage you'll use. Conventional mortgages — those not guaranteed by any government agency — are by far the most popular option for borrowers. You can use them to both buy and refinance a house, and they're wid ...
Credit · Your credit score and history are one of the most important factors that lenders consider when pre-approving you for a mortgage. Your credit score is a numerical represen ... ; Capacity · Your capacity is your ability to repay the mortgage loan. Lenders look at your income, employment, and debt to determine how much you can afford to borrow and whether y ... ; Capital · Assets · Your capital is the amount of money you have available to use for the home purchase. Lenders look at your assets, such as your bank accounts, investment accoun ...
If you’re serious about buying a home, you need to get pre-approved for a mortgage. Learn what is required so you can speed up the approval process.
Mortgage pre-qualification is an early step in the home buying process to show you're working with a lender and are ready to buy. Speak with a lender to get pre-qualified for a home loan in minutes.
Start saving and check your credit: To get a mortgage, save for a down payment and other costs and make sure your credit score is in good shape so you can qualify for the best mortgage rate. ; Know how much house you can afford: Use a mortgage calculator or the 28/36 rule to determine your budget, but make sure you factor in all housing-related expenses. ; Compare mortgage types and find a lender: Research various loan options, such as conventional, government-backed or jumbo loans, and find a lender that offers the most favorable terms.
Learn how to get pre-approved for a mortgage and navigate the homebuying process. Understand the steps, importance, & answer FAQs.
FICO Score Range, 620-639, 640-659, 660-679 ; Interest Rate*, 8.254%, 7.708%, 7.278% ; $350,000 loan, $2,630, $2,497, $2,394 ; $250,000 loan, $1,879, $1,784, $1,710
Learn about the key requirements for qualifying for a mortgage: credit score, income, debt-to-income ratio, down payment, and more. Understand how to improve your chances of approval.
Qualifying for a mortgage can be complicated, but the requirements are more flexible than buyers might think. Learn what you need to get approved.
Use NerdWallet's free mortgage pre-qualification calculator to see whether you qualify for a home loan, and if so, what amount you can get pre-qualified for.