Reasons Why The Most Important First Step In Searching For A Home Is To Get Pre-qualified By A Lender


1.   If you fall in love with a home and want to make an offer on it, . . . .your offer must have a letter from your lender stating that you are pre-qualified to purchase that home at that price. The letter from the lender is typically only a couple paragraphs long.  A seller will not accept your offer if you don't have that letter from the lender stating you are prequalified to buy their home.


2.   If you will need to pay for the mortgage of a new home with a loan, . . . .you'll need to know how much much of a loan the lender will give you for a new home so that you're only out looking at homes you can afford.  There's nothing worse than spending weeks or months looking at homes only to find a home you love and having your heart broken when a lender tells you the home is too high priced for what you're qualified to borrow in a loan.  Learn what you can afford first and then go look at homes!


3.   Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.

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