Getting Pre-Qualified to Buy a MN Home?
What is a pre-qual? A pre-qualification is essentially a dry run of the loan application process. Getting pre-qualified to purchase a Minnesota home is a relatively simple process. The mortgage lender will need to pull your current credit profile, they will also ask for verification of your income, assets, and debts. Once they have all of this information, they will be able to see if you qualify for a loan and arrive at an estimate of home much of a mortgage you will be able to afford. Once you have a pre-qualification letter in hand from a lender, you will be able to go out on showings with a Minnesota real estate agent and submit an offer on a house.
Minnesota Pre-qualification Process
Once a lender has all of the requested documentation, you can have a pre-qual letter in hand relatively quickly. It should only take a few minutes up to a couple of hours for the lender to issue a pre-qual letter. While a “pre-qual” is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indicator to potential sellers of your general creditworthiness and ability to perform on a purchase agreement. With a pre-qualification letter in hand you will be able to work with a Minnesota real estate agent and submit an offer on a property. Without a Minnesota pre-qualification letter, most sellers will not consider your offer.
Items needed to get Pre-Qualified for a Minnesota Loan
- Completed Mortgage application
- 2 months of W-2 statements
- 2 months of Bank Statements
- Credit Pull to get credit score
- 2 years of Tax Returns(especially if self-employed)
After You Get Pre-Qualified
Now that you are pre-qualified to buy a Minnesota home, it is time to start house hunting. Contact a Greenlaw Realty real estate agent today and we will work with you to find the home of your dreams.