Pre Qualify First. A pre-qualification allows you to get an idea of your borrowing potential before beginning your home search. Pre-qualification is usually free (always free with Mike King and azmortgageinfo) and the buyers ability to purchase a home can be confirmed fairly and quickly. This step alone will increase the buyers leverage position with both a Realtor and a Seller.
The pre-qualification process with a mortgage professional also helps the buyer structure the offer on the property as a team with the Realtor, and buyer.
In order to be pre-qualifed you will need to provide your Mortgage Loan Officer income and asset documentation along with authorization to run a credit report. This is a simple process and should only take a few minutes.
Pre-qualifying before buying a home is not the same as being pre-approved through LP or DU. Pre-qualifying just means that, bases on the information you provided, there is a good chance that you will be approved for a mortgage loan. Becoming pre-approved means that the lender has verified all your credit and income information granting you approval in lieu of you finding and acceptable property to purchase and the lender has received an approval with LP or DU or in some cases the underwriter.
So get the first step done, get Pre-Qualified today. Remember its FREE and only takes a few minutes.
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