Home Buyer Tips Misc Mortgage 101

Growing up, most of us heard the words “be prepared”. Although it sounds ominous, this advice is applied to most aspects of life, including home buying.  In order for the loan process to run smoothly, one of the smartest things to do is get pre-qualified for a mortgage.  A pre-qualification is an estimate of how much you can borrow from a lender and it allows you to explore loan options specific to your financial situation.  Pre-qualifying for a loan before you go home shopping helps you set a budget and strengthen your negotiating position when making an offer.

How to pre-qualify

Pre-qualification is a simple process that can be done at zero cost and with no obligation.  You can submit an online application, you can provide your information over the phone, or in person.  Once you pre-qualify successfully, you will be given a letter stating how much you may be able to borrow based on the information you provided.  You can share this with your real estate agent or simply tell the agent a price range based on the outcome of your pre-qualification.

Making an offer

Once you find the right home to make an offer on, simply inform us of the address and your offer and we will update your loan estimate and pre-qualification letter to match the offer.  Since ever home will likely have a different mortgage cost for you, we want you to see those numbers before deciding on your offer.


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Call us at (240) 670-5090 or email us at CJMT@mainstreethl.com