Prequalifying For A Loan

When shopping for a new home, one of the first questions home buyers need to answer is "How much home can I afford?" Answering this question involves a thoughtful analysis of your assets, income and debts.

Why Prequalify?

Each mortgage program has its own set of requirements and rules. As a result, the simple question "How much can I afford?" can be difficult to answer without a careful analysis of your personal financial situation. Mortgage originators and real estate agents frequently call this analysis "qualifying" (or "prequalifying" if you do this before you shop for a home).

It is to your advantage to prequalify for a mortgage. By prequalifying for a given loan amount, you can comfortably shop for a home within your price range. In addition, prior credit approvals can expedite the closing of your loan, and your preauthorization letter provides the agents and sellers with whom you work the confidence that you are determined and qualified buyer.

How to Prequalify

Use Our Online Application

• Click on the 'Apply Online' link to begin an application.
• When asked "How can we help you?", indicate "I'm purchasing a home and I don't have an accepted contract with a seller".
• Your application will be processed as a prequalification.
• Upon acceptance we will prepare an online prequalification letter you can share with real estate brokers and sellers.

Prequalify In Person

Whether you are more comfortable with a more personal approach, or if you need assistance in selecting a mortgage program, you can always contact Alaska USA Mortgage and set up an appointment with one of our helpful mortgage originators.

You will want to have the following information available (not every item may apply to you).

• Recent pay stubs, W2 forms for 2 years, or other proof of employment and salary.
• If you are self-employed, you should be able to present balance sheets, income statements, tax returns and other information about your business for the past 2 years.
• Copies of recent deposit statements will speed your credit approval.
• Certificate of Eligibility (COE) from the Veterans Administration (VA) if you want a VA loan. If you have never received a COE, bring a copy of your discharge papers (from DD214).
• Purchase contract (if you have already found a home to buy).

You can download a prequalification worksheet which will help you gather the information necessary for a loan originator to complete your prequalification.  This worksheet is in pdf format, which requires pdf software such as the free Adobe Reader.