Being prepared is one of the smartest things you can do to help the home buying process run smoothly. Getting prequalified gives you an idea of what your loan program and the amount you can borrow, might look like in advance. This can give you a big advantage at different stages of your house hunt. From preparing your budget and setting your expectations, to strengthening you negotiating position with the seller when making an offer on a home.

• Provides an estimate of your borrowing power.

• Is based on information you provide verbally about your income, assets, and sometimes a credit check.

• Can often be done online.

• Is offered by most lenders at no cost.

• Is not comprehensive and therefore is not guaranteed or considered any type of loan commitment.

Pre-qualification is neither pre-approval nor a commitment to loan; you must submit additional information for review and approval.