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Get Answers Before You Get Started

Why should I get a prequalification?

Knowing how much you can afford to spend on a home is complicated. A prequalification from Androscoggin Bank will tell you your home buying price range and give you the confidence you need during your home search. Many realtors require this before showing homes.

Click here to read more about why prequalification is a good idea.

How much home can I afford?

When getting ready to buy a home, you’ll want to consider how much you can afford for your monthly mortgage payment. That is determined through a quick and easy prequalification process that can be done completely online and in less than three minutes. Simply provide your name and address through our secure online prequalification tool, and we will let you know what total loan amount you can afford and your approximate monthly payment.

I already know my price range, should I still get prequalified?

Absolutely. Since getting prequalified is free, quick and all online through our online prequalification tool, it never hurts to confirm how much home you can afford.

What’s the difference between getting prequalified for a mortgage and getting preapproved for a mortgage?

This is a great question and one many people ask. Getting prequalified through our online tool means that we have taken a look at the information you have provided and given you an approximate price range of the home you can afford and the monthly payments. It is a good estimate of the mortgage you might qualify for.

After you find the home you’re looking for and make an offer, a preapproval is the next step. This is when we will look more deeply into your financial situation. We will review your credit report, pay stubs, bank statements, and more to document your eligibility for the mortgage.

Have more questions? Let us know!

How long will a prequalification take?

Our prequalification process is one of the fastest available and will take you less than three minutes!