How do I Prequalify for a House Loan?
- 1). Gather your financial documents from the last decade. Include contact information for your present and former employers, proof of income and statements showing the balance and monthly payments on all your open credit accounts (such as credit cards, student loans and car payments). Your lender may not need all of this information, but he will ask for at least some of it, so be prepared.
- 2). Meet with a loan officer at the financial institution from which you want a home loan. Provide your financial information, including the amount you can afford for a downpayment. The bigger downpayment you are willing to make, the lower monthly payments you are likely to prequalify for. The loan officer will analyze this information and present you with a dollar range the institution is willing to lend you to buy a home.
- 3). Use the information the loan officer provided to shop for homes. Only consider homes within the price range he prequalified you for in order to be sure that you can afford it.
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