This is a question we have been asked many times in the 9 years that we've been selling real estate in the Fort Wayne area.
Some of our buyers are 100% certain on their credit scores, income, and buying power.
Some of our buyers aren't sure if they can qualify for a mortgage because of income, questionable credit scores, or a recent bankruptcy.
Either way we have our buyers get pre-qualified for a mortgage before we start the house hunting process.
Here are some reasons why:
1. What if you think you can afford a $300,000 home, we go view a couple, and you fall in love? After you meet with the mortgage banker you realize you can only qualify for $200,000? There's a big difference between the two prices in Fort Wayne. That lower priced home just isn't going to live up to the higher one.
2. What if we show you 5 homes before you get approved and then you find out you can't even get a mortgage? That's wasted our time, your time, and the seller's time. We've had many sellers that have young kids and pets. Them rushing around for an hour to prep the home for a showing where the buyer can't even buy isn't fair to them at all.
3. There are many types of loans out there. How do you know which one is best for you? What's the difference between uninsured and insured conventional loans? What is PMI? What's the difference in interest rates on a 15 year v. a 30 year loan? All of these questions can be answered by a qualified mortgage banker.
We highly recommend Ruoff Home Mortgage and have had nothing but success with them, but it's always your choice in who you use.
So when you call us to help you find your new home in Fort Wayne, expect us to ask you to get pre-qualified for a mortgage before we open the first door and see the first home. It's not that we're trying to be difficult, it's simply good business to do it this way.
If you do need to get qualified for a mortgage, please call us and we can refer you to one of the lenders that we know and trust.
Feel free to give us a call or text with any and all real estate questions at (260) 704-0842. Thanks for stopping by!