Steps to Online Mortgage Pre-Qualification

A mortgage pre-qualification letter is important and helpful to you as a home buyer. A pre-qualification letter can be generated easily online and is one of the first steps in the home buying process It will help you in 3 ways:

1.       Estimates how much you are able to borrow for the purchase of a home.

2.       Gives a real estate agent a price range to begin your search, and lets sellers know you’re a serious buyer.

3.       Reduces the wait time to hear from a mortgage banker with a pre-qualification letter in the mail.

An advantage of working with Discover Home Loans is how convenient it is to get a mortgage pre-qualification.  We are rolling out our new electronic mortgage pre-qualification tool that allows borrowers to become pre-qualified through an automated process, enabling you to begin your search for a new home when it’s convenient for you. Through a simple 3 step process, Discover Home Loans makes it easy to pre-qualify for a mortgage with an email right to your inbox (or a call within 72 hours).

Here’s how we simplified the process with our new mortgage pre-qualification tool:

1.       Enter some general information (income, assets, current mortgages).

2.       Check your credit profile (we will need to pull your credit bureau).

3.       Enter how much income and assets you have.

You can access the pre-qualification with your mobile phone, tablet, or desktop computer. After completing only five screens, we’ll provide you with the mortgage options you are eligible for.

Once approved, a pre-qualification letter will be emailed to you. Discover understands that borrowing money to purchase a home is a complicated process, so even if you’ve pre-qualified online, a mortgage banker will contact you by phone within 3 business days to ensure all your mortgage questions have been answered.

Before Pre-qualifying for a mortgage:

·         Know if you pay escrow taxes and insurance with your mortgage payment.

·         Approximate income and assets, including savings, investments, retirement and gifts for all applicants.

·         Provide correct email, phone number and personal information for all applicants.

·         Provide current mortgage information, if any.

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The Pre-Qualification Tool Provides You the Following Information:

 

·         An affordability calculation that determines the loan ranges that we’d provide online home loan pre-qualification for.

·         Estimated monthly payment.

·         Estimated closing costs.

·         Estimated interest rate.

·         Various loan scenarios: 30 year fixed, 15 year fixed and 5/1 ARM.

·         The ability to adjust your home purchaseprice and down payment.

*All calculations are estimates. More accurate numbers can be accessed when a complete application is submitted.