Getting pre-qualified is a crucial first step in your home-buying journey. It allows you to shop with confidence, make stronger offers, and stand out from other buyers. Sellers are more likely to accept your offer when they see that a lender has assessed your financial standing, confirming you are a serious buyer.
Lenders review your income, assets, and credit score to determine the loan amount you could be approved for, your borrowing capacity, and potential interest rates. This helps you understand how much house you can afford before you start shopping.
While pre-qualification is a valuable step, it is not a guarantee of final mortgage approval and has an expiration date. If too much time passes, you may need to update your financial information before proceeding.
Even after pre-qualification or pre-approval, a mortgage can still be denied. This can happen if the home appraisal comes in lower than the purchase price, which may affect financing. Additionally, significant financial changes—such as a job change, a drop in credit score, or taking on new debt—can impact final loan approval.
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