How to Get Prequalified for a Mortgage
Estimate How Much Home You Can Afford
Getting prequalified with
eCash Mortgage is a smart way to estimate how much home you can afford. Prequalification helps you focus your search on homes that fit your budget. It also makes your offer more appealing to sellers, as it increases their confidence that you will be approved for a mortgage to buy their property.
At
eCash Mortgage, our experienced Loan Advisors are ready to assist you with mortgage prequalification through our website. Visit us online today to get started!
How Do You Get Prequalified for a Mortgage?
To get prequalified with
eCash Mortgage, you'll need to provide some basic information about yourself and any potential co-borrowers. We'll ask about your income, your down payment, and the monthly expenses of any other properties you own. We’ll also need your permission to run a credit check on both you and any co-borrowers.
Additionally, we may ask you a few questions about the type of home you are interested in purchasing. This helps us determine the types of mortgages you may qualify for.
When Should You Get Prequalified for a Mortgage?
It’s a good idea to get prequalified before you start your home search. At
eCash Mortgage, we use your current financial situation and interest rates to estimate the home prices you can afford. Using up-to-date information allows us to provide a more accurate estimate.
How Long Do Mortgage Prequalifications Last?
Prequalifications with
eCash Mortgage are valid for
90 days. If your home search takes longer than this, we’re happy to renew your prequalification.
Keep in mind that home price estimates may change if interest rates change. When rates go up, this generally lowers the price of homes you can afford, while lower rates may raise the prices.
Does Getting Prequalified Affect Your Credit Score?
At
eCash Mortgage, we conduct a credit check as part of the prequalification process. This credit check could have a small impact on your credit score. According to the Fair Isaac Corporation, a hard credit check generally lowers a credit score by fewer than
five points. Learn more about credit checks and how they work.
Does Getting Prequalified Mean You’ve Been Approved for a Mortgage?
No. Getting prequalified helps you understand how much home you can afford and provides an estimate of how much we may be willing to lend you. However, you will still need to complete a full mortgage application to get approved for a loan.
Do You Charge a Fee for Mortgage Prequalifications?
No.
eCash Mortgage is happy to prequalify you for a mortgage at no cost.