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Can I Be a Home Owner?

Getting pre-qualified for a loan

Prior to your loan application meeting and the start of your search for a new home, you may want to speak with a lender to get pre-qualified for a loan. A pre-qualification is an unofficial estimate of the home you can afford. This will help you concentrate on a specific price range of home, and save you time so you won't be looking at properties well over the price that you can afford to purchase.

You also have the option to get pre-approved for a mortgage loan. Getting pre-approved means that a lending institution has processed your loan application and approved a specific mortgage amount. Lenders use a series of qualifying guidelines to determine what size of loan you and any co-borrowers can get. Some buyers feel that they have more negotiating power when they can provide proof of pre-approval to the seller of the property.