Max. Rate: 12% p.a.
incl Cedi Mortgages
Repayment Period
Up to 30 years
No Upfront Fees
T&Cs Apply

Pre-Qualification

Prequalification is an early step in your homebuying journey. When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check. Prequalification is also an opportunity to learn about different mortgage options and work with your lender to identify the right fit for your needs and goals. 

You may qualify to borrow more money than you are comfortable spending on a home. But that doesn’t mean you have to spend more. It’s a good idea to limit your home search to houses priced at an amount you can comfortably afford. Explore the mortgage amount that best fits into your overall budget by using DCANS Mortgage's Home Mortgage Calculator.

Pre-qualification is quick, usually taking just one to three days (or few hours) to get a pre-qualification letter. Keep in mind that loan pre-qualification does not include an analysis of credit reports or an in-depth look at the borrower's ability to purchase a home. Pre-qualification can be done over the phone or online, and there's usually no or low cost involved.

The initial pre-qualification step allows for the discussions of any goals or needs regarding a mortgage. The lender will explain various mortgage options and recommend the type that might be best suited. The pre-qualified amount isn’t a sure thing, because it’s based only on the information provided. It’s just the amount the borrower might expect to get. A pre-qualified buyer doesn’t carry the same weight as a pre-approved buyer, who has been more thoroughly investigated.

Mortgage pre-qualification is based solely on the information handed over to the lender, so it doesn’t mean much if accurate data is not provided.


 

Related Pages

Mortgage Pre-Approval

Prequalification vs. Preapproval

The Homebuying Process

Homebuying Guide

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