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What Getting a Mortgage Prequalification in Scottsdale, AZ, Looks Like

If you are like most people, buying your home is the biggest investment you will ever make. Buying a home is a monumental financial decision that requires well-thought-out planning. However, many home shoppers, especially first-time homebuyers, put the cart before the horse. They will first find the home they want to purchase and then will reach out to a mortgage lender. However, the earlier you start the financial process and the sooner you learn about mortgage prequalification in Scottsdale, AZ, the smoother the process will go.

For people looking to finance their home with a mortgage, the first thing they need to do is get prequalified. Prequalification is where a lender gives you a written statement telling you the loan amount you could qualify for based on the lender’s guidelines. The qualifications used to determine a loan amount are your self-reported income and your credit information.

It is important to remember that just because you apply for mortgage prequalification in Scottsdale, AZ, this does not mean that you are going to get the mortgage you want. Before your lender gives you a mortgage, they are going to want written documentation to prove that you have the income and the assets you say. You will also need to meet certain qualifications if you are looking to apply for a specific type of loan. There are definite benefits that come to getting prequalified for a mortgage.

Learn more about mortgage prequalification and see how Option Funding Inc. is using their experience as an established mortgage banking and real estate consulting firm to help people make getting a home a reality by visiting this website.

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