Prequalify for Mortgage 2025: Complete Guide + Calculator
Want to know how much house you can afford? Get pre-qualified in just 5 minutes — no credit check, no obligation, no paperwork. Pre-qualification gives you an instant estimate of your borrowing power and shows sellers you're serious.
Get Pre-Qualified in 5 Minutes
See how much you can borrow instantly. Get your pre-qualification and start house hunting today.
Get Pre-Qualified Now →What is Mortgage Pre-Qualification?
Pre-qualification is a quick estimate of how much you can borrow based on basic financial information. It's the first step in the mortgage process and takes just 5-10 minutes.
✅ What Lenders Check During Pre-Qualification
- Income: Annual salary (self-reported, not verified)
- Debt: Credit cards, car loans, student loans (estimated)
- Down payment: How much you plan to put down
- Credit score range: You provide it (no hard inquiry)
- Employment status: Full-time, self-employed, etc.
Compare pre-qualification offers from multiple lenders to see your borrowing power instantly. Once pre-qualified, calculate your exact monthly payment.
Pre-Qualification vs Pre-Approval: What's the Difference?
These terms sound similar, but they're very different. Here's what you need to know:
| Factor | Pre-Qualification | Pre-Approval |
|---|---|---|
| Time Required | 5-10 minutes | 1-3 days |
| Credit Check | Soft inquiry (no impact) | Hard inquiry (small impact) |
| Verification | Self-reported | Documents verified |
| Binding? | No (estimate only) | Yes (conditional offer) |
| For Sellers | Shows interest | Shows you're serious |
Get pre-approved after pre-qualification to make offers on homes.
How to Get Pre-Qualified: 5-Step Process
Step 1: Choose a Lender
Compare lenders — banks, credit unions, online lenders. Most offer free pre-qualification online.
Step 2: Enter Basic Information
Provide your annual income, existing debts, down payment amount, and estimated credit score. No documents needed yet.
Step 3: Get Instant Estimate
The lender calculates your borrowing power instantly. You'll see: max loan amount, estimated rate, and monthly payment.
Step 4: Review Your Options
Compare offers from multiple lenders. Get 3-5 quotes to find the best rate.
Step 5: Move to Pre-Approval
Once you find a lender, apply for pre-approval with verified documents to make offers on homes.
Pre-Qualification Calculator: How Much Can You Borrow?
Use this simple calculator to estimate your borrowing power:
📊 Quick Calculation
Example: $60K Income, $5K Debt, $50K Down
- Max debt-to-income ratio: 43% (typical)
- Max monthly debt: $60,000 × 43% ÷ 12 = $2,150
- Current monthly debt: $5,000 ÷ 12 = $417
- Available for mortgage: $2,150 - $417 = $1,733
- Max loan amount: $1,733 × 240 months ÷ 0.006 = $346,600
- Max home price (with $50K down): $346,600 + $50,000 = $396,600
Get your exact pre-qualification from a lender for personalized numbers.
Does Pre-Qualification Hurt Your Credit Score?
No! Pre-qualification uses a soft credit inquiry, which doesn't affect your credit score at all.
✅ Soft Inquiry vs Hard Inquiry
- Soft inquiry (pre-qual): Doesn't show on credit report, no score impact
- Hard inquiry (pre-approval): Shows on report, small impact (5-10 points)
- Multiple hard inquiries: Within 14 days count as ONE inquiry for mortgage shopping
Get pre-qualified risk-free — no credit impact whatsoever.
Why Get Pre-Qualified? 5 Key Benefits
💰 1. Know Your Budget
Stop guessing. Pre-qualification tells you exactly how much you can afford, so you don't waste time on homes out of reach.
🏠 2. Shop with Confidence
You know your max price. Start house hunting immediately without waiting for pre-approval.
🎯 3. Impress Sellers
Show sellers you're serious with a pre-qualification letter. In competitive markets, this matters.
⚡ 4. Fast and Free
Takes 5 minutes, costs nothing, and no credit impact. Get pre-qualified now.
📊 5. Compare Multiple Offers
Get pre-qualified with 3-5 lenders to compare rates and find the best deal. Compare offers instantly.
Your Action Plan: Get Pre-Qualified Today
- Gather your info: Know your income, debts, and down payment amount.
- Check your credit: Get your free credit score from AnnualCreditReport.com.
- Get pre-qualified: Pre-qualify with 3-5 lenders in 5 minutes each.
- Compare offers: See which lender offers the best rate and terms.
- Move to pre-approval: Get pre-approved with your chosen lender to make offers.
Ready to Get Pre-Qualified?
Take the first step toward homeownership. Get pre-qualified in 5 minutes — free, fast, and no credit impact.
Get Pre-Qualified Now →Frequently Asked Questions
How long does pre-qualification take?
Pre-qualification takes 5-10 minutes online. You'll get an instant estimate of your borrowing power.
Is pre-qualification free?
Yes, pre-qualification is completely free. Lenders offer it to attract potential customers.
Does pre-qualification hurt my credit?
No. Pre-qualification uses a soft credit inquiry that doesn't appear on your credit report or affect your score.
Can I get pre-qualified with bad credit?
Yes. Pre-qualification is based on self-reported information, so your credit score doesn't matter yet. However, pre-approval will require a credit check.
How long is pre-qualification valid?
Pre-qualification is typically valid for 30-90 days. After that, you'll need to re-qualify if your financial situation has changed.
What's the next step after pre-qualification?
After pre-qualification, the next step is pre-approval. This requires verified documents (pay stubs, tax returns, bank statements) and a hard credit inquiry, but gives you a stronger offer for sellers.