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The Hood Magazine

Get Pre-Qualified for a Mortgage Loan

Apr 12, 2022 ● By Dawn Van Nieuwenhuyzen
The South Dakota housing market is hot. So, if you’re thinking about buying a home this spring, maybe it’s time to think about warming up to getting pre-qualified for a mortgage loan. This article will help explain the benefits of getting pre-qualified for a loan and the importance of being prepared during the home buying process.

What Does Pre-Qualification Mean?
Getting pre-qualified for a mortgage loan is an early step in your home buying journey. Even more important, when you pre-qualify for a home loan, you're getting an idea of what you might be able to borrow. The loan provider will take your finances into consideration as well as your credit history.

The pre-qualification amount is your maximum loan amount based on your debt-to-income ratio. Pre-qualification will help you set your expectations and your budget, allowing you to confidently negotiate with sellers.

To get pre-qualified, typically you’ll need:
Estimated income (i.e., job wages)
Estimated assets (i.e., property, savings, etc.)
Estimated liabilities (i.e., credit card debt, current loans, etc.)

Why Is Pre-Qualification Important?
There is plenty of value in getting pre-qualified for a loan. First, it’s at no cost to you! Second, it really does help make the home buying process more approachable because there is no commitment to buy. It’s paving the road for you to understand what homes you will be able to afford–making the house hunting adventure less stressful.

And get that letter!
A pre-qualification letter gets you in the door sooner, so to speak. It lets your realtor know that you’re ready to make an offer sooner rather than later. Your pre-qualification letter will give the seller confidence that your offer is viable. Many sellers tend to choose the buyer based upon their choice of financial institution noted in the pre-qualification letter.

Why Would You Want to Qualify?
Thinking of buying? When you step into the local housing market with visions of purchasing, the smartest approach to buying is getting pre-qualified for a loan. It makes the entire real estate transaction go smoother with way less stress.

Do You Have Questions? Meet Dawn.
As a seasoned mortgage specialist with over 20 years’ experience, I’m eager to provide you with         a  wide range of mortgage options. And that includes getting you started on getting pre-qualified for a mortgage loan so you can start searching for your perfect home. More importantly, I stay current with all communications–text, email, phone calls–to make sure your pre-qualification loan process and mortgage journey are pleasantly manageable.

If you have any mortgage questions, feel free to reach out. I look forward to hearing from you. Dawn – 605.271.9754

Apply online at

Pre-qualification is not a commitment to lend.
All loans are subject to final credit approval. 

Dawn Van Nieuwenhuyzen – Senior Mortgage Banker – NMLS #21096 – Plains Commerce Bank