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Before you start looking for your first home, we can help you with a mortgage prequalification.

Patriot Equity Mortgage LLC can help you get pre-qualified and on your way to home ownership! Simply fill out our mortgage prequalification form securely on our website. With a prequalification letter in hand, you know that you may get approved for a mortgage before you even look at your first potential new home.

Some realtors require buyers to get pre-qualified before even starting to house hunt. A simple mortgage prequalification letter can help you narrow your search to find exactly the home you need. It also makes the mortgage application process that much smoother.

There are 4 key factors in a loan approval.  Credit, Cash, Cashflow, and Collateral. A Prequalification will look at Credit, Cash, and Cashflow.

First determine how your credit looks.

Lenders will look at your payment history, income, and current debts to determine how likely you are to pay your loan each month. The number value assigned to your “reliability” is known as your credit score and is one of the biggest factors in getting approved for a mortgage.

There are many websites that allow you to quickly check your credit & credit score for free. Two of our favorites are and Experian (download the app on your phone).

If you have a credit score below 640, consider delving deeper into your report to make sure it is accurate. Stay current with all monthly payments and reduce debt where possible to boost your score.

Second determine how much cash you want to put down.

There are many different down payment options available to help homebuyers get into a home.  It’s important to consider your closing costs and reserves or savings after closing.  It’s a good idea to have some savings left after closing.  If you get a gift from a family member to help with the cash requirements a lender will want that documented.

Third Determine your monthly budget

Lenders will want to confirm your new mortgage payment will fit in with your monthly budget and still allow you to meet all your other financial debt obligations.  Lenders calculate what is called your Debt-to-Income Ratio to help them determine if you can handle the monthly payments.  A successful homeowner will want to take into consideration home owning expenses such as repairs and maintenance and create a budget for that.

In addition to qualification, we believe it’s important to have a strong Financial Transition Plan when buying a home.  Learn more in the about us section of the site About Us .

Talk to an expert at Patriot Equity Mortgage LLC about your financial history, goals, and the path to buy a home.

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