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 Most real estate brokers will pre-qualify a buyer for a mortgage even before you start house hunting. The pre-qualifying process includes analyzing your income, assets and present debt in order to estimate what you may be able to afford on a home purchase. Brokers, banks or credit unions can also calculate the same sort of informal estimate for you. In order to be pre-qualified, you have to submit general information about yourself and your finances to the lender, who will then use this information to determine the amount banks will lend you. The lender will compare your borrowing criteria with a database of lenders and underwriting guidelines. In some cases, a pre-qualification will be for less than the actual loan amount that some banks will lend to you. This is because the data for a pre-qualification are incomplete and only a limited number of loan programs are reviewed. You can use the pre-qualification calculator in this web site, which will help you calculate your qualifications for a loan with varying down payments. The calculator will also determine fixed and adjustable rate loan payment amounts. If you are at the stage of examining your finances, and exploring the possibilities of purchasing a home, pre-qualification information is adequate. Pre-qualification is not adequate when you are in the process of buying a home. You will then need to be pre-approved. Closing Costs Comparison
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