First Step to Home Ownership
Loan Prequalification

Steven or Kaye Rizzuto
Re/Max Results
1-800-706-8450 (then press "0")
or (801)318-4956
steverizzuto@yahoo.com

Once you have made the decision that you would like to purchase a home, one of the first things you should do is meet with a lender (either at your bank or credit union or with a mortgage broker) and see what you can qualify for. Getting pre-qualified will help you to know how much you can afford.

Sometimes when you go through the pre-qualification process, you will find things on your credit that you did not know was there. If you start this process far enough in advance you can get some of your credit issues worked out before you purchase your home.

Your credit score is important because it will determine the type of loan you can get and what your interest rate will be. Some loans like FHA loans do not look at your credit score, but they do look to see if you have had any late payments during the last year.

The lender will also consider your employment history and your current debt amount. They will also look to see if you have ever declared bankruptcy, and how much money you have saved in the bank.