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Explore helpful articles about buying a home, refinancing, home equity, and second mortgages.
Estimate How Much Home You Can Afford
Getting prequalified can help estimate how much home you may be able to afford and focus your search. A seller may prefer a preapproval based on a more detailed review. Neither prequalification nor preapproval guarantees final loan approval.
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 explore qualification with eCash Mortgage, provide basic information about yourself and any co-borrowers, including income, down payment, debts, and housing expenses. Credit review requirements depend on the step and program. Ask whether a soft inquiry or hard inquiry is used before authorizing a credit check.
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?
Pre-qualifications with eCash Mortgage are valid for 90 days. If your home search takes longer than this, we're happy to renew your prequalification. Check the expiration date on your letter and ask eCash Mortgage when updated financial information or a new credit review is needed.
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?
A soft credit inquiry generally does not affect your credit score; a hard inquiry may affect it. Ask eCash Mortgage which process applies to the step you are taking. An initial quote or prequalification is different from a full credit-reviewed application, so do not assume the credit effect is the same.
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.
✅ Prequalification is an initial estimate, not final approval. This video explains the related steps of getting a Quick Quote, seeking pre-approval, and submitting an application.