Pre Qualifying mortgage web sites??
Are there any web sites that let you see if you pre qualify for a mortgage, and get figures like payments based on loan amount and interest rate? We want to see if we can qualify for a mortgage before we get ahead of ourselves in looking for a house. Thank you!
- 1 decade agoBest Answer
A website can't pre-qualify you. I mean it can but it's worthless. You'll need to go ahead and speak with a professional - which I'm guessing you are hesitant to do. Partly the media has fed us with a bunch of crap and the other part the industry really is facing some troubles. Still there is no substitute for a professional mortgage advisor.
There are websites everywhere which provide a "pre-qualification" but the truth is that is a worthless result. There are so many factors to a valid pre-qualification based on guidelines that change almost every day that it is impossible for any website to give you a pre-qualification.
For example you may not qualify for a Freddie Mac loan but you may qualify for an FHA loan or a Fannie Mae loan. Then again you may be just two "dots" away from qualifying for a really good loan but only a trained and experienced professional can really help you.
Yes they may pressure you a bit but you don't have to let them. I'm guessing you are a first time home buyer and buying your first home can definitely be "scairy" and it should be. My advice is to find a HUD approved school near you somewhere that gives a class and go take it. There is no pressure there and you'll learn stuff you never thought of -- even if you have bought a home before you'll learn new things.
The market is changing daily and I constantly have home buyers repeat something they heard from a loan officer at a bank or big national lender who gives them wrong information. Your best bet, no joke, is to go to the NAMB website (link below) and find a mortgage broker in your area who is a member. Those are people who at least care enough about their business to meet minimum qualifications.
Below is a link to NAMB and a mortgage pre-qualification calculator. I'll be happy to help you even if you aren't in a state where I am licensed to understand what you may qualify for.Source(s): http://www.namb.org/assnfe/SearchBroker.asp http://novationmortgage.com/prequalification.php
- 1 decade ago
I found this one helpful.....also lend in all states. The good ones provide information without any obligation.
- 1 decade ago
I agree with REI....that is right on advise. Good Luck!