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CHAPTER VIII -- HOMEWORK TIME

LESSON 16: PREQUALIFICATION AND PREAPPROVAL

Misconception "We need to find the property first, then get a loan."

Your best bet is to get preapproved first so you'll know your housing budget.

All right. You know you've got better credit than Alan Greenspan. You've picked out a mortgage lender. You know what's going to be asked of you and you're ready to get a mortgage. But what if you haven't found a house yet? Refinancing customers can skip this part, but loan shoppers who are getting mortgages to buy homes may want to consider getting prequalified or preapproved before starting their hunt. Doing so makes it more likely you'll win the bidding for that house of your dreams.

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What exactly is involved?

Prequalification
The mortgage lender will ask you for details about your credit, earnings, savings and debts in order to come up with an estimate of how much mortgage and house you can afford. The review should take no more than a few hours and may take only minutes.
The estimate is based on documentation and information a borrower provides, not what's been verified.
Prequalification is usually free.

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TABLE OF CONTENTS

CHAPTER I
  Lesson 1
  Quiz

CHAPTER II
  Lesson 2
  Quiz

CHAPTER III
  Lesson 3
  Lesson 4
  Lesson 5
  Quiz

CHAPTER IV
  Lesson 6
  Lesson 7
  Quiz

CHAPTER V
  Lesson 8
  Lesson 9
  Quiz

CHAPTER VI
  Lesson 10
  Lesson 11
  Quiz

CHAPTER VII
  Lesson 12
  Lesson 13
  Lesson 14
  Quiz

CHAPTER VIII
  Lesson 15
  Lesson 16
  Lesson 17
  Lesson 18
  Quiz

CHAPTER IX
  Lesson 19
  Quiz

CHAPTER X
  Lesson 20
  Quiz

CHAPTER XI
  Lesson 21
  Quiz

CHAPTER XII
  Lesson 22
  Lesson 23
  Lesson 24
  Quiz

CHAPTER XIII
  Lesson 25
  Lesson 26
  Lesson 27
  Quiz

CHAPTER XIV
  Lesson 28
  Lesson 29
  Lesson 30
  Quiz

Definitions





RELATED STORIES

Preparation and patience are essential in this busy mortgage market

Arm yourself with a preapproved mortgage for spring house-hunting season

Five tips for online house hunting

 
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