Question : PreQualify Mortgage Question?
I’m preparing to buy my first home. I recently prequalifed with a local bank online. Its a trusted bank. I’m under the impression that I must have a home and a number value in mind before I can apply for a mortgage (because they forms always ask the purchase price and location of the home), and so I’m wondering how likely it is that even with a pre-qualify that I will be turned down for the mortgage once I apply.

How reliable are pre-qualifies when it comes to whether you will get the mortgage or not???
prequalify for mortgage

Best answer:

Answer by glenn
Some states actually regulate this kind of thing. They don’t in my state. But even in states where they are regulated the pre- qualification and even the pre approval letters are only a guide.

They usually spell out what they mean. You data will still have to be rechecked and the house checked out and the mortgage market can not substantially change- among other things. They are guides. It would mean a lot more if you had spoken with a good loan officer in person. The on line things don’t mean near as much.