The Benefits of Pre-Qualification: Owning Your Dream Home

If you are like most Bay Area homebuyers, you know how beneficial homeownership is. You also know what a process purchasing a new home can be. san-francisco-210230_960_720

You work hard at what you do and are financially stable.  You know that it is time for you to move into a new place. You want to make sure that you have the best opportunities available for you.  The first place to start along this path is with the loan pre-qualification process.

Loan pre-qualification will determine if you have the financial ability to invest in real estate.  With pre-qualification in place, you have a specific loan amount you and your family qualify for.

It’s an integral step towards owning the home of your dreams.

One of the first things that is reviewed is your income.  You will need supply documents to prove annual income and this will allow lenders to know how much you will be able to put into a loan in relation to other expenses that you may have.

Things such as personal credit debt and car loans, as well as other expenses, will be calculated in this figure to identify your debt to income. How much outgoing debt you have in relation to your monthly income.

After these specific points have been added up, and your credit checked, your lender will be able to determine how much you can put towards a loan each month and how this will relate to the debt and finances that you have coming in and going out of your pocket.

To ensure you have the right loan, becoming pre-qualified is the first step that you need take.

This will enable you to move forward with buying a home.  By knowing what to expect, you can prepare for the process of purchasing a home, rather than assuming you can qualify for a certain amount and falling in love with a home only to find you can’t afford it.

Start with square one and purchase as an educated buyer.

Contact me today with questions on buying or selling a home in the Bay Area.


Karen Cimera is a Mortgage Banker, NMLS# 181709 in the Northern California/San Francisco Bay Area.

Karen gives you the personal attention you deserve, whether buying a new home, refinancing a mortgage or needing a line of credit. Contact her today!

Loan Star Home Lending NMLS# 1094582 – CA# 603K799

408 506 0542                

Karen Cimera

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