REASONS TO PREQUALIFY

Real estate agents and lenders recommend that home buyers prequalify for a loan before searching for the ideal home—TruWest does too! Not only will it help all parties understand the price range, it will also ensure you don’t waste time getting into your chosen home.

Benefits of Prequalifying

Getting prequalified for a mortgage comes with several benefits that may ultimately save you the hassle of searching for a home that doesn’t match your situation. It helps you do the following:


    Determine which type of loan best fits your needs and financial situation
  • Know what your price range is, so you can shop within your budget 
  • Predetermine your monthly payment
  • Understand the expenses related to down payment and closing costs
  • Strengthen your bargaining position when bidding on a home


Lender Considerations

When applying for prequalification, this is what TruWest and other financial institutions evaluate:


  • Down Payment: The more you are able to contribute to the home upfront, the better your chances will be to prequalify for a loan
  • Income: A stable income history shows us that you are capable of making home loan payments 
  • Length of Employment: Your employment status—past and present—helps us determine if you’re a reliable candidate for paying back your loan
  • Credit History: An established credit history provides insight about how long you’ve been a consumer and your ability to make payments in a timely manner

Are you ready to start down the home buying path? Take a look at the mortgage options TruWest Credit Union offers and apply online today!