Qualifications for Purchase
Do You Need to Secure Financing?
A Pre-qualification letter on lender letterhead which is done prior to the actual loan application process is necessary in today’s competitive environment. Most sellers will not consider an offer without it. if you are going to finance your purchase. This will provide the lender with information about your creditworthiness; however, it is non-binding as the lender has not actually verified the information given. The mortgage lender will use details you provide about your credit, income, assets, and debts to arrive at an estimate of how much mortgage you can afford. This is a quick and straightforward process.
