It is that time again to address prospective home buyers, especially those of you who are new to the process, regarding the importance of pre-qualification with a lender.
Many times I have encountered home seekers who would like me to take them to view properties, yet are unfamiliar with the process of buying a property. If you are serious about purchasing a home, it really is necessary to get pre-qualified with a lender before you start looking. Why?
Because many prospective buyers don't really know what they will qualify for, as they haven't furnished their assets and debts, nor obtained a credit score from a lender in order to receive a hard number. A lender will tell you, "You may purchase a property for up to this amount:" (fill in the blank). He or she will also tell you how much your payments will be with a specific down payment and interest rate. Often times the pre-qualification letter can be obtained in a day or two.
As realtors, we often show homes only to find out later that our buyers don't qualify for the amount of the purchase price. Thus, we have wasted our time and theirs.
For more information on what to expect when buying a home, call me at (310) 508-8507.