Mortgage Pre-Qualification | How to Pre-Qualify for a Home Loan

pre-qualify for your new home

WHAT IS A MORTGAGE PRE-QUALIFICATION?

As you begin searching for a new home it is helpful in advance to understand the mortgage amount you are qualified for so you can look for homes in that price range. This step is called a pre-qualification and can be obtained by providing your Univest home loan consultant with financial information related to your income, assets, and credit scores/debts.

PRE-QUALIFICATION PROCESS

The pre-qualification process requires a completed application which is reviewed by a mortgage consultant who will run a credit report and provide you with the amount you will qualify for and help identify which mortgage program would best suit your needs.

PRE-QUALIFICATION VS PRE-APPROVAL

What is the difference between a pre-qualification and pre-approval?

A pre-qualification will provide you with what you can afford as you start your home buying search. To obtain this dollar amount, your credit score will be verified and supporting documents may be required to confirm information provided on your application.

If you have selected a home you are interested in purchasing, a pre-approval provides you with an approval for a specific loan amount. To secure a pre-approval, a mortgage underwriter will obtain your credit score, verify documentation and review your home loan application.