This story was originally written in 2018 but has been reviewed and updated as of October 2023.
While it may seem intimidating to prequalify for a mortgage loan, it's a great first step when you’re just beginning to shop for a home. You wouldn’t bake a cake without making sure you have all the ingredients first, right? (Unless you’re me, literally every time I try to bake anything. Luckily I have really nice neighbors with well-stocked pantries.)
Important information
Great help for firs time
This is important know as beginner.
very good information to known when starting to buy a house
Important Information
Just know the atmosphere around you will be what your looking for and make sure you know in your heart this is the place that you truly want and can be able to have peace of knowing that’s where you will be spending your down payment and the loan that you are applying for and remember that you have to look at all aspects of the place no matter the location
This was helpful.
Helpful
Interesting
Good to know that pre-qualifying is a good starting step to the process. Knowing how much they can lend you.
This information was very helpful and informative.
Very informative!
This information was very helpful and informative.
Good idea to know what price of home you can afford than getting feelings hurt and let down in this process.
This was very informative.
Great questions and answers I think all applies we all have different views and points on how to look at things.
Knowing what you can afford is very important!
Just starting the process and having knowledge will be a real blessing.
very great information to know. thank you for the helpful information
Good stuff
I am very excited to be a homeowner
Very helpful information,Thank you
Very helpful information. Much appreciated.
Awesome information, thank you!
Helpful
Thank you that was very helpful information.
Iit's good to know that you can own your own home by applying yourself.
Why Thank you, That was some great info!
Got it
This is useful information in the long run. Prequalifying assist in the decisions made in the long run and I think that leads to a realistic outcome.
Helpful information
I found this to very helpful step in the house buying process because we knew, we had a budget to keep in mind and we were being set up for success.
Good Information for people that hasn't been through this process before.. Helps understand Pre-qualification and what it does for someone looking into buying a home.
I know that buying is better then renting in the long run.
This is very helpful information.
Good info.
I know I’m ready
This was very helpful in understanding the process of buying a home, I’m a grandmother who’s 30 yr old son passed away and in a small house of about 975 sq ft and want them to have their own bedroom and more room is needed. Envoy has been great at working with me and helping me through the process.
Helpful but would’ve liked an audio version to listen to while reading as well
very helpful
Very true
Truly informative information , I feel the pre-approval is an important step in purchasing a home
Thank you for the tips
I want to buy a Condo , my fear is all those fee for condo goes high every year. But I will rather get something that I owned than paying rent. I am going to try and see if Iam qualified
Very good advice
This information was very helpful!!
Proper preparation is very important Before buying home. It’s saves a lot of time. Thanks
I know buying house is a big step but I ready now . Buying is better than renting
I am excited to purchase my new home all by myself. Looking forward to enter into a new journey in life.
This will going to be my first time, I am so impressive for taking this class, it make me more comfortable what I don't know with and what I knew before. So, I have learned a lot of things to able to prepared and getting ready for to buy a new home.
I appreciate this information very informative and you learn a lot everyday when you dedicate to read properly these steps to follow to buy a home
This information is helpful
After reading this for the second time, I understand what always ask for help when you are trying to buy a house because it's possible you could miss up everything, you are working for.
This information with very helpful to me, even though I still don't quite understand.
I don’t have a tip buying a house is very hard
Thank you for your helpful tips
Thanks for the tips
Thank you for the helpful tips.
Thanks very valuable information
My wife and I are first time hombuyers and is not easy, but with all the information that we are learning about mortgage, pre approval and how to be prepared it has help us a lot.
Very useful information to help understand the basics of home buying
Very helpful information...
Very informative. Thanks you!
this was helpful information
I am purchasing a second home and very familiar with the lender and buyer requirements, however, bank, tax laws, and your financials change
Thanks for information
Thanks for the information.
For the longest time I didn’t even bother with trying to get pre qualified, because I always thought I would not be able to. However now that I have gone through the process, I wish that I would have done it a long time ago
prequalifyi is fantastic i think it makes things esaier also not so stressful. Its alsogreat info for a new home buyer.
I find prequalifying makes the fear of not being taken seriusely by the agent and seller disappear.
Great information
Before searching for a home, you should know the process step by step.
I want to buy a home!
sold our house..temporarily renting until we found our next house
My name is William my fiance is currently renting which is way more than a mortgage. I currently have a stepson at home and only two bedrooms. We could use the extra space for family gatherings and any guest. I generally go out of town to visit family considering I do not have the space however, pay the price to own a home. I have had break end attempts and car damage which doesn't sum up renting at all. I would like a place to call home and have family. I want a place to retire and enjoy.
I want to buy a home
I like the simplified explanations, but I fear it is over-simplified and may seem misleading. Also, as I am reading more and more on this, I feel you are using, interchangeably, two distinct concepts-- Pre-qual and pre-approval. They are not the same!
Lean, thanks for your comment! In researching this post, Shelley found that the distinction between pre-approval and prequalification is less clear than it used to be, as lenders often have their own definitions. As the CFPB recommends, homebuyers should confirm with the lender that, whether they call it a pre-approval or a prequalification letter, it provides enough information for sellers to take it seriously.
I feel that everyone needs to be educated with financing before purchasing a home. It takes a lot of stress away and boosts confidence by getting prequalified for a new home.
Getting pre-qualified was an important part of beginning my home buying journey
Very informative
