Getting pre-qualified is the initial step in the mortgage process. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluation a lender can give you an idea of the mortgage amount for which you qualify. Pre- qualification can be done over the phone or internet, and there is usually no cost involved. The initial pre-qualification step allows you to discuss any goals or needs you might have regarding your mortgage with your lender. Getting pre-approved is next step. you will complete an official mortgage application, pay fee, and than supply the lender with the necessary documentation to preform an extensive check on your financial background and current credit rating.With pre-approval , you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for home at or below that price level.
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I would need more information obviously but maybe the DTI (Debt To Income) is too high. As well, the bank fees may be a problem. I could do a loan for you with zero bank fees on the front and get you a rate below 4%. I can also do a loan with DTI up to 50% and credit score down to 580. To discuss further, please give me a call@ 914-299-0420... more