Why Is Getting Pre-Qualified Important?

Mortgage and Lending with FHA, VA, Jumbo, Downpayment Assistance, Conv. NMLS #276329

When you’re getting ready to buy a home, you want to do everything in your power to set yourself up for success and be a strong candidate. That’s why getting pre-qualified is a smart idea. It prepares you with some valuable preliminary information that will help you when looking for a home to buy. The reasons to get pre-qualified include the following:


  • You’ll get an idea of your budget. With pre-qualification, you’ll get an estimate from the lender about how much money you could be approved for. This will help you know what price range of homes to look for and prevent you from considering homes that are over your budget.
  • Gives you an advantage over other buyers. When a seller is deciding which offer to accept on their house, they don’t want to have any hesitations in mind. Being pre-qualified may give you an edge over other buyers since it shows that you’re proactive and serious about buying a home. If your competition doesn’t have pre-qualification, you might be a more appealing buyer to the seller.
  • Saves time and solves problems early on. When you get pre-qualification, you’ll have to prepare some personal financial information. During this time, you may come across errors in your documentation. Discovering this early in the process can help save time in the long run by allowing you to resolve any issues before starting your loan application.
  • Helps you plan other expenses. Having an established home loan budget helps you plan for the additional costs you’ll have as a homeowner. You’ll need to be prepared for expenses like homeowner’s insurance, property taxes, and private mortgage insurance. Also make sure to account for other life expenses outside of home-related ones, so you don’t risk going over the amount the lender can provide.
Posted by

Follow Me


Lisa Perry, Senior Loan Officer

"Your Northern VA Mortgage Specialist"


NMLS ID #86548 / 276329

Email:  LPerry@fhmtg.com

Apply on line:  LisaPerrryLoans.com






 Proudly Serving Washington DC, Virginia & Maryland

Comments (0)