How to get prequalified for a mortgage
Estimate how much home you can afford
Getting prequalified is a great way to estimate how much home you can afford. Prequalification helps you focus your search on houses that fit your budget. It can also help make your offer more attractive to sellers because it increases their confidence you will be approved for a loan to buy their home.
At Freedom Mortgage, our experienced Loan Advisors can prequalify you for a mortgage on the phone. Call us today at 888-369-3719.
How do you get prequalified for a mortgage?
To get prequalified, you’ll need to give us some basic information about you and anyone who might be a co-borrower on the mortgage with you. We’ll ask about your income, your down payment amount, and the monthly cost of any other properties you may own. We’ll also ask permission to run a credit check on you and any co-borrowers.
We’ll typically ask you a few questions about the kind of home you want to buy. These questions help us determine the types of mortgages for which you might qualify.
When should you get prequalified for a mortgage?
It’s a good idea to get prequalified right before you begin your home search. That’s because we use your current finances and current interest rates to estimate the price of homes you can afford. Using current information helps us give you a more accurate estimate.
How long do mortgage prequalifications last?
At Freedom Mortgage, our prequalifications last for 90 days. We are happy to prequalify you again if your home search takes more than 90 days.
Keep in mind that home price estimates may change if interest rates change. When interest rates go up, this generally lowers the price of homes you can afford. When rates go down, this can raise the price.
Does getting prequalified affect your credit score?
At Freedom Mortgage, we run a hard credit check as part of the mortgage prequalification process. This credit check might have a small impact on your credit score. The Fair Isaac Corporation states that for most consumers, a hard credit check will lower their credit score by less than five points. Learn more about these credit checks.
Does getting prequalified mean you’re approved for a mortgage?
No. Getting prequalified does not mean you will be approved for a mortgage. It helps you understand the prices of homes you can afford and the amount of money we may be willing to let you borrow. You will need to apply for a mortgage to get approved.
Do you charge a fee for mortgage prequalifications?
No. At Freedom Mortgage, we are happy to prequalify you for a mortgage at no cost.
Call us and get prequalified today
Our Loan Advisors can help you get prequalified right on the phone. To get started, give us a call at 888-369-3719.
Last reviewed and updated March 2023 by Freedom Mortgage Corporation.