Don't Put the Cart Before the Horse, Get Prequalified First
Nice little reminder article for buyers. Many buyers start their search online and quickly get a list together. Next they usually take a drive by, sometimes they want to "just look" at one or two that really strikes their interest. Not even thinking for one moment if they are qualified to buy at all. Not to blame the buyer, since most of the time they just don't know what to do first, and are usually trying to figure out if moving is the right thing to do in their life right now. The correct process of getting pre-approved first will save the buyer (possibly wasted time) and the real estate agent's time and effort when they can be working with qualified buyers ready to buy now. When buying a home in the Branson, MO area, I can refer you to a lender that can pre-qualify in a matter of minutes...Call me at 417-230-3957
Don't Put the Cart Before the Horse, Get Prequalified First
Once a buyer gets the idea to look for a home to purchase the excitement starts building inside of them. It usually begins with looking online and pretty soon the buyer wants to get inside of the homes and see what they are really like.
Beginning the search for your home without a prequalification letter is not a good idea. It sets you up for disappointment, has you looking all over the map and frankly can be a waste of time, yours, the agent and the sellers. Why look at homes in the $300,000 price range when in fact you may only be able to buy a $200,000 home? That would only be discouraging.
The lender will check your credit and credit score. He will also talk about job stability, income and assets to help establish whether you will meet underwriting criteria for a mortgage. The right mortgage product will need to be determined and not all people qualify for all types of mortgage loans. The lender knows which one wil be best and whether or not you will qualify based on the information you give.
Once you have your prequalification letter in hand you are better equipped to start your home search. It will state the price range that you will qualify for. You will have a better idea of what your monthly payment will be for a house in this price range and you will know what amount of downpayment will be required for the mortgage type.
But even more important is that your agent will be better equipped to help you negotiate the home that you want. Especially in a very competitive housing market, a prepared buyer knows how high he can go with his offer and if the seller requests the prequalification letter he has a lender supporting his offer. This is clout and can make the difference between getting the home you want and losing the home you wanted.
Don't put the cart before the horse, get prequalified first. Though a prequalification letter is not an absolute guarantee of a loan approval it is a good start to getting your ducks in a row. Don't start your home search without at least getting your prequalification letter.
To begin your home search contact Clarksville TN Real Estate Agent, Debbie Reynolds. I have lenders I trust that will help you find the right mortgage loan and get you started on your way to owning a home. 931-920-6730
When you need Real Estate services in Clarksville TN
it would be my pleasure to assist you!
"The Real Debbie Reynolds"
Check out all Clarksville TN Real Estate on My Website
931-920-6730 or 931-320-6730
Berkshire Hathaway HomeServices-PenFed Realty
2503 Wilma Rudolph Blvd., Clarksville, TN 37040
©2015 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC.
Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol
are registered service marks of HomeServices of America, Inc.®Equal Housing Opportunity.
Comments(1)