When looking to move into a new home, the last thing a buyer wants is to find out they don’t qualify for the loan amount needed to purchase the house of their dreams. The solution to this headache is to be prequalified before beginning to search for a home.
During prequalification for a home loan, a lender reviews the financial situation of the borrower based on certain information the borrower provides. The lender will evaluate the buyer’s income, credit and other assets to determine the potential options for a home loan. This process allows the borrower to receive an estimate of how much money they may be eligible to receive.
Prequalification is a relatively easy way for potential homebuyers to get an estimate of their ability to purchase a home. In fact, at Priority Bank in Fayetteville, borrowers can usually be prequalified for a loan over the phone. This limits the need for a time-consuming meeting and lets prospective buyers know their borrowing potential before they begin looking for a home.
Have you been preapproved? It’s time to find a home! See the real estate options currently available in Northwest Arkansas by visiting www.allnwahomes.com or by contacting a McNaughton Real Estate Agent.
*The information in this article was contributed by Kelli Franks, vice president secondary market at Priority Bank in Fayetteville. Kelli can be reached at 479.587.1122 ext 226 or by email at kelli.franks@prioritybank.com*