How to Pre Qualify for a Mortgage
Getting pre-qualified for a mortgage allows you to shop for a new home with confidence. It can help you narrow your home search to only those that fit your loan amount need. And it demonstrates to sellers and REALTORS® that you are serious about purchasing a home.
Find out How Much You Can Afford
The first step is to determine how much you can affort. If you're not sure, use the affordability calculator in the Mortgage Center to give you an idea of your price range. Next, use our loan payment calculator to estimate what the mortgage payment might be.
Need more help? Contact the PenFed Home Loan Team for answers to your questions and to see what your mortgage options are.
Do Your Research
Get an idea of the kind of loan you might want. Consider:
- Conventional fixed-rate mortgage
- Conventional adjustable-rate mortgage
- VA fixed-rate mortgages, if you qualify
- Jumbo mortgages, if applicable
Gather Your Paperwork
Having your most up-to-date documents on hand will help the process go smoothly. Some of the documents you might need are:
- Pay stubs
- W-2 information
- Tax returns (particularly if you are self-employed)
- Bank statements
- Information on other assets (retirement or mutual funds, stocks, etc.)