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how to pre qualify for a mortgage

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 · For many home buyers, mortgage pre-qualification is the first step to buying a house. But you shouldn’t put your feet up after the first step and.

Image source: Getty Images. If you’re shopping for a home, one of the first things you should do is go to the bank to get pre-approved for a mortgage. Pre-approval is different than pre-qualification..

Before you can get serious about buying a home, you need to get pre-approval for a mortgage. Learn what you need to speed up the approval.

Use NerdWallet's free mortgage prequalification calculator to see whether you qualify for a home loan, and if so, what amount you can get.

How to Prequalify for a Mortgage You can prequalify for a mortgage online, via the phone at 855-684-4968 or in person with a Mortgage Specialist at a bank branch. A mortgage lender will assess some basic financial information, such as your income and a basic review of your credit, and generally can tell you what amount you prequalify for within a few minutes.

Find a local lender in minutes who can help you get pre-qualified for a mortgage. mortgage pre-qualification can show you're a serious and credible buyer.

 · Your Mortgage Pre-approval Checklist. Check your credit report and score. Find a trustworthy lender. Get pre-qualified to find out what type of loans you’re eligible for. Gather financial documentation such as pay stubs, bank statements, W-2s, and tax returns from the last two years. Apply for pre-approval letter to seriously begin your home search.

The mortgage pre-approval process is complex, but it's a necessary step in having the best chance of securing the house of dreams.

A pre-approval for a mortgage is much stronger than getting pre-qualified for a mortgage. This will require University Credit Union to pull your credit, so we can provide a pre-approval letter that provides a more accurate view of your interest rate and the specific amount that you can take out for a mortgage.

Current Mortgage Rates. Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for.