4 Common Mortgage Mistakes to Avoid at All Times

4 Common Mortgage Mistakes to Avoid at All Times

When searching for a new home, you do have to look for the right house but, at the same time, the best mortgage rates too. Getting a mortgage is a complicated deal. It can be made simpler if you thoroughly understand its process and avoid listening to random assumptions. The process needs some time and patience to get through, but once everything is done, you get to celebrate in the new house! So, to thoroughly understand the process, you should look at some possible mistakes you can make. We learn from our mistakes, but what if we share the mistakes people usually make so you can avoid them and get the best experience? So here is a list of errors that you should avoid when getting a mortgage so that you can live peacefully for the rest of your life.

Credit Will Not Leave You Here as Well

Having a good credit score is always a win-win. There is no second thought about it. So be it this mortgage process or any other finance-related issue, it will play an essential role. In terms of the mortgage, it will help you in getting a reasonable mortgage rate, total cost, and a suitable lender. A score between 650 to 850 is termed as a good score. The lower your score is, the higher the interest rates. So before applying for the mortgage application, keep in mind to get the score checked first. If it is terrible, you can look into the possible options of improving it, like paying off the debts.  

Sticking to One Lender From the Beginning

A crucial step in getting the best mortgage rate is to look for many options in terms of lenders and then find the best one for yourself. Do not stick to only one option as you can always look around; instead, do some research. Ensure that your lender has a good understanding of you, and you are communicating well with them. These two things will be essential as you start the process. Also, a tip will be to try finding and prefer a local lender. Also, do ensure that the one you are choosing has good experience in their field. This will make a lot of things easier for you in the long run.

Not Using the Option of Rate Lock

A rate lock means when interest on the mortgage rate is set on a certain level. The lender agrees that it will remain like that for some specific time that they inform you about. It is an excellent way to save some dollars when the interest rate is constantly fluctuating. Suppose your lender is experienced enough and has good knowledge about the current market trends. In that case, they will be of great help in deciding what option to choose.

Not Understanding and Getting Pre-Qualifications and Pre-Approvals

These terms are often interchangeably used in the market, but they are quite different. Pre-qualification is an initial stage process where approval is given based on a discussion with your lender, where they look into the possibilities of accepting your application. At the same time, pre-approval is issued after analyzing all your documents and history regarding the finances. So, pre-approval is more important and essential than the other option, as this will help you understand your position and the chances of getting your application approved.

The mortgage process is very time-consuming and hectic if you do not understand the basics or commit mistakes. Now that you are more aware of these fundamental issues, be prepared beforehand, and have a smooth journey!

 

How to Improve Your Chances of Getting Reasonable Mortgage Rates?

How to Improve Your Chances of Getting Reasonable Mortgage Rates?

The process of getting a mortgage is always seen as complicated and confusing. The myths and doubts associated with it often make it even harder to think about it. These beliefs may, at times, even discourage you from getting one. However, the reality is pretty different. Getting the best mortgage rate is not very hard. It depends on how well you do your homework. There are few things to keep in mind to get the best rates and enjoy the benefits. Let’s have a look at some of them;

A Good Credit Score Goes a Long Way

A good credit score is 700 and above. It is maintained by keeping your finances in a good state. If you are not paying bills on time and owe debts, you should stop being lazy now and start working on it. A credit score shows the lender how good you are at managing your finances and its history. This helps them understand you and your position and hence make a decision accordingly. So before they check your score, you do your homework and see if it needs any improvement. A good score will allow you to explore many options and choose the best one out of it.   

Close Old/Inactive Accounts 

Having a lot of accounts is always the wrong choice. It is not easy to manage them and keep them up to date. In case you are applying for a mortgage, you will be required to submit all the information. In such a case, old or inactive accounts may look bad on your application. It is better to get them closed. It is recommended to give details of those accounts that are up to date and currently have a good credit score. It is easier for the lender to keep track. 

Save as Much as You Can

To give you a reasonable rate, lenders check your accounts thoroughly to see how good your records are. So it is better to keep a good bank statement, especially before getting a mortgage, by spending less and saving more. This money can be used as a reasonable deposit amount. This will help you get a good rate within your budget plans while settling in the new house. 

Fill Out the Application Form Properly

Filling out an application form to get the best mortgage offer is always a tedious task, but it is essential. An application with all the relevant details submitted on time will help you get better requests and responses. Please do your homework by finding the requirements of how to get a mortgage, make a checklist of documents, and start collecting them. Fill the application correctly by being honest about all your expenses and needs. This way, you have better chances of getting the offers and being accepted by the lenders. Make sure that you understand the terminologies and the terms and conditions used in the application forms. 

A mortgage is a complicated process if you do not do your homework. It may sound very daunting, but it needs time, so don’t avoid it for that very reason. Do some market surveys before finalizing an option. While doing that, make your application stronger so that you get the desired rates and lenders. If you follow all the steps correctly and have a good history regarding your finances, a mortgage is a good option and an easy process to follow.  

 

The Impacts of Coronavirus on the Mortgage Rates and the Industry

Impacts of coronavirus on mortgage rates and industry

The whole world witnessed a complete transformation due to the spread of a deadly virus. We all got confined to our homes, and almost everything was ceased. In such unprecedented and challenging times where everything came to a halt, different industries got affected differently. One of them is the mortgage industry. However, just like every other field, this industry has also adapted to the new normal in their way.

The process of a mortgage requires a lot of in-person meetings and visits. Considering how the world took a complete turn, these service providers had to start doing it virtually. The virtual world has issues like connection or power interruptions, disturbances at home, and increased screen time usage. Still, considering how it is the only available option, the industry has shifted to this platform and adapted well. The mindset has completely changed in this regard, and people have realized the importance of technology and software use. It is now easy to quickly make a video call, answer the queries, and get work done.

It is not just the meetings that have gone virtual but the house tours too. By coordination with the realtors, one can arrange a virtual tour of the place to get an idea of the location and check if it meets your needs. It is not just the house tours; documentation and the exchange of papers are also done via online platforms. This will give the potential buyer the house’s real image to make the decision whiles, keeping all that in mind. Moreover, now that the lockdown has ended, in-person visits are happening only in exceptional cases keeping in mind the current pandemic situation.

Many assumptions are being made about the rates of the market and how it has been affected. The general trend says that the rates haven’t decreased significantly. Though the demand may have reduced, people are still trying to find reasonable mortgage rates and are even shopping. Another exciting thing to see is many people repair or refurnish their homes while restricted indoors. This is a preparation for the time when things will get a bit normal. This implies that once the COVID-19 situation gets better, there will be a sharp increase in the rates.

For people who have already gotten their mortgage rates, the banks extend the grace periods to give more time to pay the amount; hence it is convenient. So, in a nutshell, the mortgage industry has adapted well in this pandemic situation.

The whole procedure of getting the best mortgage rate takes a lot of time. One needs to shop around, inquire, understand the terms and conditions, and decide based on budget. This process can get a bit complicated too. However, now that you are at home and have the time to put in, utilize it by doing some research. As soon as you feel you are ready to step into the whole process, go for it and get it done! 

 

Things to Keep in Mind When Buying Your First House

Things to keep in mind when buying your first house

Having your own house is always a dream for any individual. According to our needs, we all want to live in a designed place and a comfortable zone. It is a luxury like anything. But getting one seems to be a hectic, nerve-racking, and stressful process, especially with the mortgage process. With all the information around which lender to get, which season is the best, or the budget, it does seem intimidating; however, it should not be. Here are a few things to keep in mind while getting your first house to have a smooth experience. 

Choosing the Right Lender

A mortgage lender is a company that lends the money to a borrower to purchase a house and set the terms and conditions of the mortgage. Finding the right lender can be a bit of a hassle. Since the mortgage process itself is a bit complicated, and the lender makes it more accessible, it is important to select the right and best lender. The key is to shop around. Look for as many options as you can and check out different mortgage rates available. The lender should have some good experience in this regard since you don’t have any. If possible, check out available reviews so that you can form an opinion about them. Once all these requisites are fulfilled, you can choose the one you want. 

Set a Budget and Preferences

When getting your first house, one has a lot of plans and expectations. You want to get the best possible place and stuff, but one needs to set a budget and see where their preferences lie. Be it choosing the right neighborhood, location, or the dimensions of the house. Not just that, but a budget for the mortgage rate is also significant. You can look for options lower than the budget to have some room for bidding in the market. 

Buying It in Fall

Fall is not usually considered the best season to buy houses; however, it is wrong. It is believed that homes available for sale in fall are summer leftovers and that the sellers are not interested or serious about selling them. But that is not true. There are many reasons for trading in the fall, like it may have taken time for the house to be constructed, or maybe they want to move out before the holidays, and so on. So the sellers are pretty determined to sell their places, and hence there are more chances of negotiations. Also, the competition is significantly less in the market during the fall. Not just that, but if you want to get any renovations done, the rates are usually low during this time. Hence there is no specific or perfect time frame to buy a house. One can smoothly go for it in the fall too.

Saving for a Down Payment

When deciding to go for a reasonable mortgage rate online, a critical point to keep in mind is planning to handle the down payments. People save money for it over the years. Some ways to save money are to lower your expenses, look into down payment assistance, set up a savings account to transfer your money directly and keep it safe there. So start saving now instead of waiting for tomorrow. 

Deciding which house to buy and which not to buy is a big decision. Also, deciding which mortgage lender to choose and which not to choose is another crucial decision. This may seem overwhelming, but if you plan, shop around, do some research on your part and consider all these suggestions mentioned above, it will be a smooth experience. So incase this convinced you enough, start the planning today.

How to improve your credit score for getting a mortgage?

Keeping your finances in good shape not only helps you in life, but they play an integral role in a lot of other areas too. An example of this is all the processes at banks and insurance companies. If you plan to get a mortgage, any health insurance quote, or any other loan, your credit scores serve as one of the pre-requisites. The service providers use your credit score to understand how well you manage your finances and how suitable you are for the chosen plan. Keeping that in mind, one should always be very careful about the credit score and try their best to maintain a good one.

Credit scores range between 300 to 850, and 700 or above is considered a good score to qualify for many benefits. If an individual has a score falling under the category of satisfactory or better than that, they have a good financial standing. Hence, lenders will quickly give them mortgage loans or other facilities. In case you have a very low score, it is probably because you fail to pay bills on time or owe the debt. This may affect the chances of getting loans in times of need. In case you don’t have a good enough credit score or want to improve it further, here are some ways to do so.  

Understanding the system and your faults

When you get your credit scores, make sure that you know how it is counted. You should know which part has the most weight. After learning the logic behind it, the main thought should be to understand where you went wrong. For many of us, the jargon used in finances can be challenging to understand, but one shouldn’t hesitate to ask for help. By understanding where you stand, it will be easier to figure out where to improve.

Fixing the faults

One should keep a check of their credit scores despite the need to do so for a certain task. The reason behind it is to keep a tab of errors that might be done by the bank itself. Understand how things work to spot the mistakes and get them fixed before they ruin your scores. Ask your lender to either explain the issue and fix it upon double-checking it.

Check your debts

One of the two factors that affect your credit score is the amount of debt you owe. If you are going in debt, any good mortgage company’s service providers will be doubtful about your ability to manage finances. So, it is essential to manage your debts and pay them off as soon as possible so that your scores can get better.

Paying bills on time

Paying bills on time is generally a good habit, and that’s how it should be, but it is even more critical when it comes to credit score. The more you delay the payment of the bills, the more it affects your credit score. So by sampling paying your bills on time, you can get a better score and enjoy the perks of it.

If you want a reasonable mortgage rate for your needs, it is best to have a perfect and maintained credit score. It will increase your chances of getting loans and make things better. It is not hard to improve the score. You need to do tasks like paying bills on time and paying off any debt you owe. Avoiding these two errors will help you improve the scores, and hence you get access to more benefits.

So what are you waiting for, improve your credit scores, and fill out the application for a mortgage!

 

Compare FHA Mortgage Rates Today

Find and compare current FHA mortgage rates with lenders in your area. Federal Housing Administration loans have a lower down payment and credit requirements, /which can help first-time buyers and borrowers with credit problems.

How do you find the current FHA interest rates?

The Mortgage Rate Tool helps you find competitive FHA mortgage rates that suit your needs. In the “Refine Results” section, provide some details about the type of loan you are looking for (select “Yes” under “FHA loan eligible?”). You will then receive a personalized interest rate offer. sometimes without providing personal information. From there you can start getting your FHA loan and start bidding. It’s easy.

Do FHA Loans Have Lower Interest Rates?

An FHA loan is a type mortgage that is insured by the Federal Housing Administration. FHA loans have relaxed lending standards to help borrowers who do not qualify for a conventional mortgage but generally do not have a lower interest rate. Creditworthiness has a greater impact on mortgage rates than the type of loan. If you have a high credit score, your FHA loan rate will likely be lower than that of someone with a low credit score.

What is a good FHA interest rate?

There are many factors that influence the mortgage rate offered to you, from forces that are practically beyond your control (like the economy) to your personal financial information. The best way to find out if they are giving you a good interest rate on FHA loans is to apply to multiple lenders. This allows you to compare loan offers and see which one offers the best combination of interest rate and fees.

 

Do FHA interest rates vary depending on the lender?

Yes, FHA loan rates vary by lender, so it can pay off to shop around. When you’ve found a few lenders that are right for you, start researching each one.

Once approved, each lender will provide you with a loan estimate form. This way, in addition to comparing FHA mortgage rates, it allows you to compare origination costs, closing costs, and whatever else you pay over the life of the loan. When you compare the credit ratings of more than one lender, you can be sure that you are getting the right interest rate and the right loan for your situation.

Are FHA Loans Fixed Rate?

Although the vast majority of FHA loans are 30-year fixed-rate mortgages, other options are available including short-term fixed-rate mortgages and adjustable-rate mortgages (ARMs). Fixed-rate mortgages have become much more common in recent years as home buyers seek low-interest rates. However, if you don’t plan on staying home for a long time, an MRA might be worth checking out.

Pros and Cons of FHA Loans

Benefits

An FHA loan is a great option for first-time buyers who need a small down payment. If you qualify, you can get a mortgage for just 3.5% off.

FHA loans are also beneficial for those with poor or damaged credit. Some FHA mortgage lenders allow credit scores as low as 500, although a higher score lowers your down payment requirements. If you’ve had financial troubles in the past, or just didn’t have the time to build a solid history of on-time payments, an FHA loan could be the answer to your mortgage needs.

FHA loans can be used to purchase not only single-family homes, apartment buildings, townhouses, and condominiums, but also manufactured homes and mobile homes. A variant of the FHA loan called 203 (k) allows you to finance both the purchase of a home and the necessary renovations with the same mortgage.

Disadvantage

The main disadvantage of FHA loans is that you have to pay for FHA mortgage insurance. This protects the lender’s share of the loan in the event of default, but the premiums are added to your monthly payments. And unlike private mortgage insurance for a traditional loan, FHA mortgage insurance cannot be canceled.

Homes and condos purchased with FHA loans must meet the minimum HUD ownership requirements. 

How to Find an FHA Approved apartment

The HUD Finder can help you find FHA approved condominium complexes. However, you can also get an FHA loan on a condo that is not in an approved development.

A Federal Housing Administration-approved home can be a great alternative if you don’t want to find or downsize an affordable, FHA-approved home (and want someone else to do the gardening!) In a competitive market.

Here are some shortcuts to get you started on your FHA approved apartment search.

Find FHA Approved Condos with the HUD Finder

The FHA is a program of the US Department of Housing and Urban Development. FHA loans are often particularly attractive to first-time buyers because they offer low down payments and more forgiving credit scores. and debt income requirements compared to traditional mortgages.

HUD’s condo finder allows you to quickly view a list of FHA approved condos for your area. Searching the database is fairly straightforward, but here are some tips:

First, enter a zip code to restrict the listing to condos in the desired area. If you just hit submit without filling in any fields, you will get results for the whole country.

Filter by status to broaden your search. When you enter the name of a city, county, or even a condo (i.e. the name of the development), you will also be prompted to select a state.

To view, only FHA approved condominium complexes, set the Status drop-down list to Approved. This way you know you are looking at developments where units are eligible for an FHA condominium loan. “Expired” means your license has expired (complexes must be reapplied every three years). “Withdrawn” may indicate a duplicate registration or that the FHA has withdrawn its approval (this is not a good sign).

After selecting the appropriate fields, click the small Submit button to display a list of FHA condos. Are you not crazy about the results? Press the Back button on your browser to perform a new search.

Why are some condos not approved by the FHA?

Many condos are not FHA approved, as FHA loans were only available for condos located in FHA approved developments until October 2019. This meant that out of over 150,000 condominium complexes in the United States, only 6.5% – about 9,750 in total – were eligible for FHA funding.

This does not mean that 93.5% of condo projects in the United States are obsolete. There are likely many resorts in your area whose developers simply did not seek FHA approval and therefore are not listed in the search tool.

The good news: Borrowers can now get FHA approval for individual units in non-FHA-approved condominium complexes. The FHA says that individual permits could increase the number of FHA-approved condos from 20,000 to 60,000 units per year.

A condominium that is not part of an FHA approved complex may still be eligible for an FHA loan.

Here’s another way to use HUD’s condo finder to find more potential options:

Select the same state, city, or zip code that you entered previously. However, choose Rejected from the Status drop-down menu and choose Rejected. Rejected complexes can still be approved for individual units.

Click “Submit” and you will see another list of condo developments.

In some cases, you can find information that development is probably not where you want to live. For example, advice on issues with homeowners associations. But you are likely to come across developments where the lack of approval is due to a lack of documentation. HUD tries to make the FHA condominium approval process easier for developers, although on some smaller complexes the cost of an application can still be an issue.

 

4 Ways To Get The Best USDA Mortgage Rates

The key to getting the best USDA mortgage interest rate is knowing if you and your home are eligible and comparing the interest rates and fees of lenders.

Buy a country house? Loans from the US Department of Agriculture offer a combination of interest rates and fees that can outperform traditional loans and even loans insured by the Federal Housing Administration (FHA).

USDA loans are intended for regular borrowers and new borrowers in low and middle-income rural areas. They allow borrowers to buy homes without a down payment. Bonus: the government definition of “rural” includes suburbs in some places.

How a USDA Loan Can Save You Money

The USDA mortgage program is one of the few that can offer you 100% financing on a home.

Lower USDA warranty fees mean lower rates.

You pay a guarantee fee on a USDA loan whether or not you make a down payment. There are upfront fees that are paid on completion and other fees that are paid monthly for the life of the loan. Guarantee fees are paid instead of mortgage insurance.

r than FHA or private mortgage insurance. Lower fees mean lower interest rates.

If you’re buying a country home, here’s how to get the best combination of USDA mortgage rates and fees.

1. Find out if you and your home are eligible for a USDA loan.

USDA loans are intended for owner-occupied single-family homes in rural areas. The department has a rural property finder that allows you to enter an address to see if the home is eligible for a USDA loan.

Manufactured homes, also known as mobile homes, are eligible if they are new, the owner owns the property, the house is permanent, and taxed as real property rather than personal property. Eligibility for manufactured homes that are not new is limited.

The USDA sets limits on the household income of borrowers. Income limits vary by district and metropolitan area. There are two ways to find income limits:

A questionnaire asking for a location, household size, and income.

A PDF file with a clickable map on the first page that links directly to your report

2. Make sure your credit reports are correct

Before applying for a mortgage, check the accuracy of your credit reports. Lenders check your credit records when deciding whether or not to grant a mortgage. You can request a free credit report every year from the three major credit reporting agencies. If you find any inaccuracies, here’s how to dispute credit report errors.

There is no minimum credit score for USDA loans, but the underwriting process is automated if you have a credit score of 640 or higher.

The accuracy of your credit reports is also important because your creditworthiness is based on this information. While there is no minimum credit score for USDA loans, the underwriting process is automated when you have a credit score of 640 or higher. In addition, the lowest USDA loan rates are given to borrowers with high credit scores.

3. Compare the interest rates on the three types of USDA loans.

USDA rural development loans are of three types: Secured loans. With a USDA secured loan, you get a mortgage from a private lender. The USDA guarantees the loan and protects the lender from the loss of a package if you fail to meet your obligations.

Direct loans. With a USDA Direct Loan, the federal government subsidizes your monthly payment as long as your income remains at or below the region’s low-income cutoff. These loans are low and very low for borrowers

 

What is a USDA loan? Am I eligible for one?

USDA loans are no down payment mortgages for rural and suburban homebuyers. They are primarily aimed at borrowers who are not wealthy and cannot get a traditional mortgage.

Maybe you feel more at home surrounded by grass than cobblestone. In that case, buying a home might be within your reach thanks to the US Department of Agriculture’s mortgage program. In fact, the USDA may have one of the government’s lesser-known mortgage assistance programs.

A USDA home loan is a no-down mortgage for qualifying rural and suburban homebuyers. USDA Loans are provided by the United States Department of Agriculture under the USDA Loan Program, also known as the USDA Secured Home Loan Program for Rural Development.

In 2017, USDA helped around 127,000 families buy and improve their homes as part of its rural development program. The program aims to “improve the economy and the quality of life in rural America”. It offers low-interest rates and no down payment, and you will be surprised at how affordable it is.

With all types of home loans, how do you know if a USDA loan is right for you? Here is an overview of how it works and who is eligible:

How USDA Loan Programs Work

There are three USDA home loan programs:

Loan guarantees: USDA guarantees a mortgage issued by a participating local lender, similar to an FHA loan and a VA guaranteed loan so that you can get low mortgage rates without a down payment. However, if you deposit little or no money, you will need to pay a mortgage insurance premium.

Direct Loans – These mortgages issued by the USDA are intended for very low and very-low-income applicants. Income thresholds vary by region. With grants, interest rates can be as low as 1%.

Home Improvement Loans and Grants – These grants or direct financial loans allow homeowners to repair or improve their homes. Packages can also combine a loan and a grant and provide assistance of up to $27,500.

Qualify for USDA Backed Home Equity

Income limits for securing a home loan guarantee vary by location and depend on the size of the home. This USDA map and chart show the loan guarantee income limit for the county in which you live.

USDA guaranteed home loans can only finance condominiums. The other conditions of participation are:

U.S. citizenship (or permanent residence)

Monthly payment includes principal, interest, insurance, and taxes, equal to 29% or less of your monthly income. Other monthly payments you make cannot exceed 41% of your income. However, the USDA considers higher debt ratios if you have a credit score above 680.

Reliable income, typically for at least 24 months

An acceptable credit history where, among other things, no account has been converted to the collection in the past 12 months. If you can show that temporary or uncontrollable circumstances, including a medical emergency, affected your credit, you may still be eligible.

Applicants with a credit score of 640 or higher will benefit from streamlined processing. Below you have to adhere to more stringent drawing standards. You can also qualify with a non-traditional credit history. “
Applicants with a credit score of 640 or higher will benefit from streamlined processing. Those with lower scores must meet stricter drawing standards. And those without a credit score or bad credit scores can qualify with “non-traditional” credit references such as B. a history of rent and utility payment.

How USDA Home Loans Work

The USDA goes even further to help potential homebuyers by granting mortgages to applicants deemed most needed. It means a person or a family:

  • There is no such thing as “decent, safe and healthy housing”
  • You cannot get a home loan from traditional sources.
  • You have an adjusted income equal to or less than the lower-income limit for the region in which you live
  • USDA typically provides direct loans for homes up to 2,000 square feet and valued at 7,000 m

 

Prequalified vs. Pre-approved: what’s the difference?

Prequalification calculates the amount you can borrow based on a largely informal assessment of your finances. Pre-approval is heavier and requires documentation. Prequalification and pre-approval seem similar, but in general, only pre-approval allows you to stay ahead of the competition in buying a home.

What is mortgage prequalification?

Typically, the prequalification phase involves describing your loans, debts, income, and assets, although application processes vary depending on the lender. Based on this overall financial picture, the lender estimates how much you can borrow. Some lenders also perform a credit check. You can pre-qualify by phone, online or in person.

By pre-qualifying, you can get a feel for your financial preparedness and learn about the different mortgage options. Often, this is a good decision for first-time buyers who are just testing the water and are not ready to participate.

What is mortgage pre-approval?

Pre-approval of a mortgage takes the process to the next level. For pre-approval, you will need to demonstrate your track record and financial stability. The lender examines your income, employment, assets, and debts, as well as your credit report.

You will receive information in the form of a W-2, an up-to-date payslip, a summary of your assets, and total monthly costs and if you already own real estate, a copy of your statement. mortgage and your home insurance.

If you qualify, you will receive a pre-approval letter detailing the amount and type of mortgage the lender is willing to offer as well as the terms and conditions. You can show the letter to sellers and their brokers during home auctions.

A pre-approval offer is not a guarantee, but it does show that you are a serious buyer, which can give you an edge in a highly competitive market.

Pass prequalification and get pre-approved?

You don’t need to be prequalified beforehand. If you know that you are financially ready to buy and want to shop at home, you can skip prequalification and request pre-approval.