What is Covered at a Mortgage Prequalification Meeting (Video)
When you’re ready to buy a home, visiting with a mortgage lender is one of your first steps. A prequalification meeting will help you learn about and prepare for the home buying process. And most sellers want a prequalification letter.
Here is what to expect:
- We’ll walk through your credit report and discuss how your credit score impacts the interest rate you’ll receive and the loan products available.
- We’ll also talk about your financials to determine the loan amount you may qualify for. Your income, assets and credit history help determine the amount you’re eligible to borrow.
- Next, we’ll talk about your loan options and interest rates. After explaining each loan option, we will discuss which one is best for you. And we’ll also discuss the interest rates you can expect.
- Based on what you’re qualified for, we’ll cover your estimated monthly mortgage payment. This helps you understand what you can expect to pay each month for your mortgage. It’s based on the total cost of the home, your down payment amount, and the loan type.
- Closing costs and cash needed at the time of purchase. At your closing, you will need to have funds for your closing costs and your down payment. We’ll walk you through what amounts to expect for each, and we’ll talk about the possibility of the seller paying your closing costs.
The prequalification meeting is an important step in the home buying process. If you’re ready to get started, we’re ready to help.