February 11th, 2013 7:21 AM by Jill Kohler
Should you get yourself prequalified for a mortgage loan? In most cases, the answer is yes. This process allows lenders to look at your financial situation and recommend an estimated loan amount that will suit your budget. All you have to do is supply the lender with your income, debt, credit and asset information. You can pre-qualify over the phone, and there are usually no costs involved. Also prequalifying is a prerequisite for a bid to be considered. Most real estate agents won’t entertain an offer until you’ve given proof you’re a qualified to obtain financing.