" ... im a first time buyer looking to be prequalified what can i do about to start the process"
It's very important to understand your purchasing power BEFORE you start looking at any property. Unfortunately, the terms â€œPre-Qualificationâ€ and â€œPre-Approvalâ€ are used interchangeably in the RE Industry to mean the same thing â€“ they are not. You do need a full Pre-Approval to avoid being caught by surprises once you enter into escrow as this can place your deposit money at risk.
â€œPre-Qualificationâ€ vs. â€œPre-Approvalâ€ is covered here: http://www.Steven-Anthony.com/default.aspx?pp=39377
You have three main sources for your financing. As a consumer, knowing the pros & cons of each source, the level of information needed to quote a reliable rate, and how mortgage rates are determined on a daily basis is all important information to guide you towards a decision on who to work with. You can find out all of this information and more by reviewing this post: