does that obligate me to anything, or will it just tell me how much I am aloud to borrow?
2007-06-28 01:31:20 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
A pre-qualification is nothing more than YOU providing the circumstances of your income, debts, etc. so that another person can give you a good idea of what amount you may qualify for.
Once you actually apply somewhere, then credit checks will be run and verification of the information provided earlier will be asked for.
As I have said before, I could get a ham and cheese sandwich prequalified to buy a house within ten minutes.
2007-06-28 02:33:17 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
Ham and cheese sandwich, LOL!
Be careful of the allure of the "pre-qualification." If the ham and cheese sandwich gets pre-qualified for the amount they are allowed to borrow, knowing full well they cannot afford that payment, but gets stars in its eyes for how much house the sandwich can buy, it runs out and buys the big house. Sure, the sandwich could get a big pay raise, cut back on expenses, hit the lottery to afford these payments, but it doesn't. A year later, the sandwich is behind on its payments, has huge buyer's regret and is facing foreclosure.
Happens to little sandwiches everywhere these days.
2007-06-28 04:17:44 · answer #2 · answered by godged 7 · 1⤊ 0⤋
You're never obligated to do anything as long as you have not physically signed anything stating you're buying.
2007-06-28 01:38:43 · answer #3 · answered by ▒♥▒♥▒♥▒♥▒™ 5 · 1⤊ 0⤋
you are not obligated to anything unless you sign a mortgage broker contract...
2007-06-28 02:33:29 · answer #4 · answered by WeLoan.Us 2 · 1⤊ 0⤋