So you call me, your realtor and I ask you, “Are you pre-qualified?” Now you may be wondering, what’s a pre-qualification?
Today, I’m going to teach you 4 things that you need to know about pre-qualification.
It’s Not A Loan: A lot of first time buyers think that Pre-qualification is actually the loan but it is not. Pre qualification is basically an assessment of your income and your debts to see if you’ll be able to pay back a loan.
You Are Not Obligated To Take The Loan From The Company That Pre-Qualifies You: I know a lot of lenders will encourage you and sometimes force you to take the loan from them. However, you want to ensure that you are pleased with the service. You also want to ensure that you are not signing to any crazy terms. In addition, ensure that you get the best rate. Remember, this is an institution that you are going to be in a relationship with for the next 20-30 years.
Plan For It: Although it’s not the loan, it’s a great first step. You’ll need to submit stuff like your last 3 months pay stubs. If you are self employed, you are going to need your financials, your TRN, NIS, and more.
Do Not Lie: Don’t tell any lies because this could actually jeopardize you getting the loan. Remember when you do the pre qualification, it is an assessment based on the information you have provided to your lender. You don’t want them to start processing the loan and dig up that loan you received for a party about 5 years ago that was not paid back. All of that information will come back. Student loan that you have not paid, all of these things come up.
Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.
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