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GETTING PRE-QUALIFIED
When you have an idea of the type and size of home you want and the area you want to look in, you should be pre-qualified by a lender. By getting pre-qualified before looking for a home, you'll save yourself time, energy and frustration because pre-qualification:

Determines How Much Home You Can Afford - Pre-qualification helps you avoid buying less
home than you can afford or being disappointed if you don't qualify for as much as you'd hoped.
Lets You Know What Your Monthly Payment Will Be - You'll have a general idea of what
your monthly principal, interest, taxes and insurance (PITI) payment will be.
Shows You What Your Downpayment Will Be - You'll know approximately how much money
you'll need for downpayment and closing costs.
Identifies the Loan Programs You Qualify For - With the wide variety of loan programs
available, it's important to know which types you qualify for and which will best suit your needs.

At this point, the lender can also help you determine alternatives and strategies that could help you get the home of your dreams. Some examples include:

Special First-Time Homebuyer Program - With low or even no downpayment requirements.
Co-Mortgagor Financing - If you feel you can afford a higher mortgage payment but can't meet standard qualifying ratios, a co-mortgagor may work for you.
Debt Consolidation Counseling - By restructuring your debts, you may be able to afford more home.

In order to be pre-qualified, the lender will need the following information:
1. YOUR INCOME AND EMPLOYMENT HISTORY
2. YOUR MONTHLY DEBT AND OBLIGATIONS
3. THE SOURCE AND AMOUNT OF CASH AVAILABLE FOR DOWNPAYMENT AND CLOSING COSTS

When you are pre-qualified by RAF Mortgage, you'll receive a FREE Pre-Qualification Certificate to give to your real estate agent. When you find a home, the agent can use the Certificate to present your offer. The seller may be more likely to accept your contract when they know you are qualified to buy their home. Now you're ready to look at some homes.