Terminology, a plain explanation of rates, and the questions borrowers ask before they talk to a lender.
No matching resources.
Published mortgage and auto rates move with the market. The estimator on our homepage does not use a live rate feed. It uses a sample 7% home rate and 8% auto rate so you can see how income and debt change the picture. A lender's rate can be higher or lower.
Lenders commonly look at payment history, how much of your available credit you use, the age of your accounts, the mix of credit, and recent applications. PrequalPro does not pull your report. You choose a range on the form.
Prequalification is an estimate based on information you provide. Preapproval is a lender decision after it reviews your documents and credit. PrequalPro does not approve loans.
No. The form uses what you tell us. We do not pull your credit report.
The form takes about 5–10 minutes. After you enter the 7-digit code from your email, the request is marked verified.
You do not need documents to submit the form. Having your income, debt, and purchase figures nearby makes the numbers more useful. Each loan type page lists what a lender usually asks for later.
DTI
Debt-to-income ratio. Monthly debt payments divided by gross monthly income.
LTV
Loan-to-value ratio. The loan amount divided by the purchase price or appraised value.
PMI
Private mortgage insurance. Often required on a home loan when the down payment is under 20%.
APR
Annual percentage rate. The yearly cost of borrowing, including interest and certain fees.