Making Contact with Mortgage Specialists
You can prequalify for a home loan with a bank, credit union, or mortgage company. You typically can choose between a direct lender, which makes the loans, or a mortgage broker, which acts as a single point of reference for multiple lending companies. Because a prequalification doesn't necessarily require documented evidence of your finances or credit, a phone or office meeting with a mortgage specialist should suffice. Many lenders and brokers also allow you to prequalify online.
Accurately Running the Numbers
Your prequalification is only as good as the information you provide. Although lenders can prequalify you based on your perceived credit score, estimated income and debt load, it's best to access your credit report. With your credit score, monthly debt payments and account information such as delinquencies, recent bankruptcy or foreclosure filings in hand, lenders can provide a more precise loan prequalification. These details, along with rough employment dates, gross earnings and amounts you may have for a down payment, also help lenders come up with the most accurate figures.