As rates continue to remain low, now is the perfect time to consider moving into that new home. The biggest obstacle we have to overcome is buyers not being aware of steps they need to take in order to put an offer on a home. Below are some reasons to share with consumers about why you need a prequalificaiton first.
- Save time, energy and frustration as you move through the home buying process. Pre-qualification can help you avoid problems with your home loan down the road.
- Determine how much you can afford to spend on a home. You now should have a good idea of how much you can afford to spend on a home based on your debt, income and credit. You should also have an estimate of how much money you will need for closing costs and a down payment.
- Add validity and strength to your offer. Sellers are more likely to accept your offer when they find out you are pre-qualified.
- Make sure your financial documents are ready. You now know which supporting financial documents need to be submitted with your loan application. This will help speed up the loan approval process.
Below are some myths about getting pre-qualified.
- It will hurt my credit.
- I am obligated to buy a house.
- I should already know what house I want.
- I should already know how much I can afford.
Please feel free to reach out to me with any questions.