If you are looking to get a mortgage pre-qualification you are definitely headed in the right direction. A pre-qualification can help you negotiate when making an offer on a home and can also help put your mind at ease as to whether or not you can get approved for a mortgage. Many sellers are more likely to consider an offer made by a pre-qualified buyer. It makes your offer a sure and sound offer.

It is important to note that not all mortgage pre-qualifications are equal. Some lenders do a true pre-qualification for a mortgage while others do a very cursory review in order to get you on the hook. Make sure you choose a lender that offers a true mortgage pre-qualification. You don't want to waste a lot of time and energy, searching and negotiating on a home, only to find out you are not approved because of a cursory pre-qualification.

Mortgage Pre-Qualification – What to Expect

If they are a lender serious about the pre-qualification process there is certain information that they will definitely want including:

· Names of all applicants
· Social security numbers of all applicants
· Income information of all applicants (they may or may not want to see actual proof)
· Property price (if known. If you have not located a property yet, this will be an amount determined by the pre-qualification process)
· Down-payment amount
· Details of any current mortgages and liabilities

This is the basic information that will be required. If the lender does not ask for one or more of these pieces of information the pre-qualification they are offering may be too cursory to be of any real value to you. If there is something in your financial statement you are concerned about, now is the time to disclose this. Getting your cards on the table now will avoid needless worry, and allow you to take care of items that can be repaired.

Mortgage Pre-Qualification – What it Says

A mortgage pre-qualification letter is not a guarantee or a promise that you will get a mortgage. A mortgage pre-qualification simply states that based on the information currently provided you would be qualified for a mortgage through that lender. There may be limits to the amount of a loan you can get, and a minimum down-payment mentioned in the pre-qualification letter.

It is important to read the letter carefully and speak to your lender to make sure you have a full understanding of what your likelihood for approval is. Be open and honest and ask the tough questions now.

Knowing what you are actually getting when applying for a mortgage pre-qualification is important. You should be skeptical of any lender that is giving you a cursory pre-qualification letter without asking the basic information listed above. Get a real pre-qualification letter and you can feel more confident in your home buying process.

This article is intended for general information. Always seek sound financial and legal advice before making any financial decision.