Local Business

Top 5 Considerations For Mortgage Loan Pre-Qualification


Spring is a popular time to search for a new home.

As the home buying market heats up, it’s important to note the top five considerations for pre-qualifying for a mortgage loan. Being prepared will save you time, reduce stress, and keep you from missing out on purchasing the home of your dreams. Brad Harding, Sales Manager for Home State Bank, lists the top five considerations for mortgage loan pre-qualification:

Verification of employment and income. For most applicants, this review will require paper copies of your previous two years of tax returns, and recent pay stubs.

Credit review. Home State Bank can perform a comprehensive review of your credit to make sure that your credit is representing you in the best way possible. In most cases, your credit score will have an impact on your interest rate.

Verification of bank statements. Applicants should be prepared to document the source of deposit activity.

Budget. Be realistic about how much house you can afford. Compile a list of your monthly obligations to determine how much of a housing payment you would feel comfortable with.

Time. If there are issues or concerns with any of the above considerations, give yourself enough time to get the correct documentation before you search for a home.

“Prepare your pre-qualification documentation early, as soon as you’ve made the decision to become a homeowner,” said Harding. “Don’t get committed to a certain home before you have a pre-qualification from your lender.”

For more information, contact:

Brad Harding, Sales Manager

Home State Bank, N.A.

(815) 479-6203


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