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I want to purchase a home but I am hesitant to apply for a mortgage because I dont know how much I can qualify for. If I couldnt qualify for more than $ 150,000.00 I wouldnt be interested in using the loan. Does this hurt your credit?
I havent found home affordability calculators to be very helpful they always give me a different number.

4 Thoughts on Does it hurt you to not use a pre-qualification for a home?
  1. Reply
    14U2NV
    June 10, 2011 at 1:24 am

    It is a inquiry on your credit report, a couple of inquiry’s will not hurt your credit.

    Every mortgage inquiry during 30 days only counts as one inquiry.

  2. Reply
    zocko
    June 10, 2011 at 2:17 am

    You will have to have it to even start looking. Go for it, you will know a lot more when your finished.

  3. Reply
    Landlord
    June 10, 2011 at 2:32 am

    Almost everyone requires a prequalification letter before they will look at any offers you want to make, so yes, it will hurt you.

  4. Reply
    Dizzy_Lizzy
    June 10, 2011 at 3:26 am

    You can’t make a move without one.

    To look for a home, you need to know how much you can afford. The only way to know that is to talk to a lender.

    The overwhelming majority of sellers (and certainly 100% of those working with agents) will not even consider an offer that does not come with a preapproval/prequalification letter.

    Read this for more info: http://www.interorealestate.com/CustomContent.aspx?fp=17

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