• Call your local brokerage at 516.796.8900

Mortgage

Prequalification

Being prepared is one of the smartest things you can do to help the home buying process run smoothly. Getting prequalifiedFootnote1 gives you an idea of what your loan program and the amount you could borrow might look like in advance. This can give you a big advantage at different stages of your house hunt, from helping you prepare your budget and set your expectations, to strengthening your negotiating position with the seller when you're making an offer on a home.

Regardless of the loan amount you're prequalified for, stick to your budget and the amount you can comfortably afford. Your lender may prequalify you for more than you think you can comfortably afford. If this happens, you can always scale back to a lower loan amount. You're not obligated to share your prequalification amount with real estate professionals, so simply ask them to only show you homes in the price range that fits your financial comfort zone.


What is prequalification?

  • Prequalification is an estimate of what you might be able to borrow. It provides an estimate of your borrowing power.
  • Is based on information you provide verbally about your income and assets, and sometimes a credit check.
  • Can often be done online.
  • Is offered by most lenders at no cost.
  • Is not comprehensive and therefore is not guaranteed or considered any type of loan commitment.

Why get prequalified?

Once you've built your budget and know how much of a monthly payment you can comfortably afford, getting prequalified allows you to estimate the loan amount and type that's right for you. Then, when you're searching for a home, you'll know which homes are in your price range.

Why get conditionally approved?

A conditional approval is a more serious step toward buying a home. It is a conditional commitment in writing for a specific loan amount and loan program. Provided all the specified conditions are met, the lender is obligated to go through with the loan; however, you are free to walk away from this commitment before anything is signed. It will also give you a general idea of your interest rate and potential monthly payment.

It's important to note that while prequalification can give you an idea of what you could borrow, the amount you should borrow should never be more than what you can comfortably afford.

Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval.

Conditional approval is subject to satisfactory appraisal and title review and no change in financial condition. If the rate is not locked or rate protection expires, any rate increases may lower the conditionally approved loan amount.

Our Offices

Brooklyn Office

361 Nostrand Ave

Brooklyn, NY 11216

718.395.5626

Elmhurst Office

76-26 Broadway

Elmhurst, NY 11373

718.446.1300

Wantagh Office

1897 Wantagh Avenue

Wantagh, NY 11793

516.826.4600

East Meadow Office

1856 Hempstead Tpke

East Meadow, NY 11554

516.796.8900

Fresh Meadows Office

188-13 Union Turnpike

Fresh Meadows, NY 11366

718.206.1340

Syosset Office

40 Underhill Blvd.

Syosset, NY 11791

516.826.2100

Oceanside Office

2911 Long Beach Road

Oceanside, NY 11572

516.223.2525

Long Beach Office

284 W Park Ave

Long Beach, NY 11561

516.665.2000

Merrick Office

55 Merrick Avenue

Merrick, NY 11566

516.302.8500

Franklin Square Office

1069 Hempstead Turnpike

Franklin Square, NY 11010

516.825.6511

Hicksville Office

10 Stewart Ave

Hicksville, NY 11801

516.334.4333

The CENTURY 21 American Homes App

Download the CENTURY 21 American Homes app to take your search on the go and access your saved homes and searches from anywhere. Try it for free and get notifications directly on your phone about new homes on the market!

Local real estate services provided by:
CENTURY 21 American Homes
CENTURY 21 American Homes
1856 Hempstead Tpke
East Meadow, NY 11554

516.796.8900
Website provided and owned by CENTURY 21 American Homes.