Getting Pre-Qualified and Pre-Approved

[Kelci Vaughn]

I'm looking to get pre-qualified/pre-approved and I'm trying to understand the best place to go for this. Is it just a local bank, does it even need to be local? Or is it smart to go to the 'Network' drop down tab here in BiggerPockets page and scroll down to Mortgage Lenders (assuming those are national and not local). I know regardless, I understand that I do need to make sure that the have the product I'm looking for, which will be an FHA loan. I'm planning to house hack.

I have 20,000 in a savings 

3,000 in credit card debt

3500 in student loan debt

3,000 on an auto loan

Thanks in advance for any feedback!

[Jeremy D. Flood]

As a lender at a mortgage company, I would say find a mortgage company in your area with a good reputation. Not all pre-approval letters are the same and experienced realtors know this. You want to bring a pre-approval letter to your realtor that they know was issued only after reviewing your credit, assets and income. That'll go a long way!