Mortgage pre-qualification is a review of your self-reported income, debts and assets by a lender to determine how you may be able to afford, the loan amount they may be willing to let you borrow based on their requirements and the loan programs available to you. Getting pre-qualified for a mortgage is optional and often considered the first step in the mortgage application process. However, a mortgage pre-qualification is not a guarantee that you will be approved for a mortgage loan. You'll need to complete a few more steps in the mortgage process before you receive a conditional loan approval.
Chevron DownA mortgage pre-qualification letter shows your agent and sellers that you're working with a lender, and provides you with an estimation as to how much you might be able to afford when buying a home. Unlike with pre-approval, where you may spend hours tracking down financial documents that your lender must then verify, mortgage pre-qualification only looks at your self-reported finances — allowing you to continue your search for a home until you're ready to take the next step.
Chevron DownLenders can generally turn around pre-qualification within an hour of submitting the required information. Speak with a lender on Zillow to begin the mortgage pre-qualification process . Any information you provide Zillow Group Marketplace, Inc. (ZGMI) is kept safe and secure, using the same encryption and security that major banking institutions use.
Chevron DownA mortgage pre-qualification letter normally doesn't have an expiration date. Unlike pre-approvals, which can last up to 90 days, a pre-qualification is good until your financial circumstances change. Essentially, a pre-qualification is an optional first step you can take before obtaining a mortgage pre-approval.
Chevron Down Does mortgage pre-qualification affect your credit score?Getting pre-qualified for a home loan typically doesn't impact your credit. Lenders will base pre-qualification on the information you provide. Some lenders may do a soft pull of your credit, but that won't affect your credit score. When you connect with a lender to get pre-qualified , ask them beforehand if they plan on running a credit check.
Chevron DownParticipating lenders pay Zillow Group Marketplace, Inc. ("ZGMI") a fee to receive consumer contact information, like yours. ZGMI does not recommend or endorse any lender. We display lenders based on their location, customer reviews, and other data supplied by users. Questions you answer during the Home Journey questionnaire provide ZGMI with preliminary, personalized data about your circumstances and current interest in mortgage financing. ZGMI does not recommend or endorse any lender and ZGMI does not evaluate what participating lender(s) may be the best suited for your needs. Instead, we provide data to a lender(s) according to the lender's criteria, including based on the user-supplied data the lender believes may fit the particular mortgage products or services that it offers. ZGMI may display additional lenders based on their geographic location, customer reviews, and other data supplied by users. However, ZGMI makes no representation that advertised lenders have mortgage products or services that are suitable for your needs. You are free to shop around, including outside of options that we display, to assess your mortgage financing options. Click here to access our lender directory.
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