Pre-Qualification
Start Smart with Pre-Qualification
One of the best ways to begin your home buying journey is by getting pre-qualified. This simple step helps you understand what type of loan programs you may qualify for and provides an estimate of how much you might be able to borrow. With this knowledge upfront, you’ll be better prepared to set a realistic budget, focus your search on the right homes, and approach sellers with greater confidence when it’s time to make an offer.
It’s important to remember that pre-qualification is just a guide. A lender may approve you for more than you’re comfortable spending—but the best choice is to stay within a range that works for your lifestyle and long-term financial goals. You’re also under no obligation to disclose the exact pre-qualified amount to your agent; instead, let them know the price range that fits your comfort zone. This way, your home search remains aligned with both your needs and your budget.
What is Pre-Qualification?
- Initial Step in Financing – Pre-qualification is the first stage of the mortgage process where a lender gives you an estimate of how much you may be able to borrow.
- Based on Basic Information – It relies on self-reported financial details such as income, assets, debts, and credit, without requiring full documentation.
- Quick & Simple – The process is typically fast, often completed online or over the phone in minutes.
- Helps Set a Budget – It provides buyers with a general price range to focus their home search more effectively.
- Not a Guarantee – Unlike pre-approval, pre-qualification is only an estimate and does not guarantee loan approval.
Why Get Pre-Qualified?
Pre-qualification also strengthens your position when making an offer. Sellers are more likely to take your offer seriously when they know you’ve already spoken with a lender and have an idea of your financing. Most importantly, it helps you avoid surprises later by ensuring your home search stays aligned with what you’re truly comfortable spending.
Why Get Conditionally Approved?
Conditional approval takes you one step beyond pre-qualification or pre-approval. At this stage, your lender has reviewed your application, income, assets, and credit, and given you a written commitment to lend—pending only final conditions, such as an appraisal or title review.
This gives you a powerful advantage in today’s competitive market. With conditional approval, sellers see you as a serious and qualified buyer, which can make your offer stand out among others. It also gives you peace of mind knowing your financing is nearly secured, allowing you to focus on finding the right home without unnecessary delays.
Fee/Rate Calculator
- Mortgage Calculator: find out how much that new home will cost.
- How Much House You Can Afford Calculator: you supply your income information and we calculate how much you can afford