GETTING QUALIFIED BEFORE YOU APPLY FOR A LOAN CAN HELP YOU UNDERSTAND HOW MUCH YOU CAN BORROW

When buying a house, you may get pre-qualified or pre-approved. You can usually get pre-qualified over the phone or on the internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

1.

Find out the maximum house you can buy, so you don't waste time looking for properties you cannot afford.

2.

Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.