Mortgage Resources
Understanding your financing options can be an important part of preparing for a home purchase. A licensed mortgage professional can help you explore available loan programs, financing options, and the mortgage application process.
Fairway Home Mortgage
Visit Fairway Home Mortgage to learn about its mortgage professionals, loan options, and available resources.
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Pre-Qualification
Being prepared is one of the smartest things you can do to help the home buying process run smoothly. Getting pre-qualified gives you an idea of what your loan program and borrowing potential might look like in advance. This provides a significant advantage during your house hunt—from setting budget expectations to strengthening your negotiating position with sellers.
Regardless of the amount you are pre-qualified for, stick to a budget you can comfortably afford. If a lender pre-qualifies you for more than expected, you can always scale back. You are under no obligation to share your full pre-qualification limit with real estate professionals—simply ask them to show homes in your financial comfort zone.
What is Pre-Qualification?
- An estimate of what you might be able to borrow based on your borrowing power.
- Based on verbal information provided about your income, assets, and occasionally a credit check.
- Conveniently completed online with most mortgage lenders.
- Typically offered by lenders at no additional cost.
- Not a comprehensive review, guarantee, or formal loan commitment.
Why Get Pre-Qualified?
Once you have built your budget and determined a comfortable monthly payment, pre-qualification helps estimate the specific loan type and size suitable for you. When viewing properties, you can target homes precisely within your price point.
Why Get Conditionally Approved?
Conditional approval is a more formal step toward buying a home. It provides a written commitment for a specific loan program and amount, contingent upon meeting specified criteria. It offers a clearer picture of potential interest rates and estimated monthly payments.
Note: Conditional approval is subject to appraisal, title review, and unchanged financial conditions. Rates that are not locked remain subject to market fluctuations.