To get prequalified for a mortgage, you must meet with potential lenders to discuss your finances, job history and the property you are interested in purchasing. A lender or mortgage broker reviews the information you provide without requiring proof of income or a credit check and can issue a prequalification notice, if applicable, in less than one hour. A prequalification letter is simply a quote of how much you can borrow based on the information you provided; it is not a binding contract.
- Make a list of potential lenders
Decide which lenders you want to use. You have to request quotes from each potential lender individually.
- Fill out an application for each lender
Go to each lender's website, and look for a link to an online prequalification form. If you prefer, contact each company, and meet a representative in person to fill out a prequalification application. Make sure the information you provide is as accurate as possible, as the lender verifies this information before issuing a loan.
- Compare your offers
Look at the offers each lender gives to you, and decide which offer best suits your financial situation. The offers tell you how much the lender is willing to loan you based on the information you gave on the prequalification form.