Before you begin searching for a home, you should determine how much you can afford. This will narrow down your search to a more realistic and achievable selection of homes. The lender is willing to loan you money based on your income and the amount of down payment you have. By getting prequalified before looking for a home, you'll save yourself time, energy and frustration because prequalification will help you:

• Determine How Much You Can Afford. Prequalification helps you avoid buying less home than you can afford or being disappointed if you don't qualify for as much as you thought.
• Learn What Your Down Payment Will Be. You'll have a general idea of what your monthly principal, interest, taxes and insurance payment will be.
• Identify the Loan Programs You Qualify For With the wide variety of loan programs available, it's important to know which types you qualify for and which will best suit your needs.

At this point, we can also help you determine alternatives and strategies that could help you buy the home of your dreams. These may include:

• Special First-Time Homebuyer Programs
• Co-mortgagor Financing
• Low Down Payment Programs
• Debt Consolidation Assistance

To prequalify, we will need the following:

1. Your employment history and income
2. Your monthly debts and obligations
3. The amount and source of cash for down payment and closing costs

After completing our Free Mortgage Loan Analysis, which allows for a better understanding of your financial profile, your Loan Officer will discuss the different alternatives with you over the phone. When you qualify, we send you a prequalification letter to present when you make an offer on a house. The seller may be more likely to accept your contract because they know you are prequalified to buy their home.