Home loan pre-qualification helps you get a better idea of what size and type of mortgage you might qualify for in advance of submitting your actual mortgage application. With this information in hand, you can better plan and prepare financially for meeting your home ownership goals.
Once you have an idea of your borrowing power and what type of mortgage you may qualify for, you’ll have a better sense of what size monthly mortgage payment you can afford. Having this knowledge is essential when determining your budget, which will aid you in your home search.