An Important First Step in the Homebuying Process
You are ready buy a home, but you may be wondering where and how to start the process. Most lenders agree that pre-qualification is an important step in the homebuying process—one that will start you off on the right foot as you begin the house hunt.
Here’s how pre-qualification works:
- First, you connect with your loan officer to discuss your current financial situation and homebuying goals.
- Next, you provide information on income, assets, and debts.
- Once pre-qualified, you receive a pre-qualification letter that provides an estimate of how much you can borrow. (However, pre-qualification is not a commitment to lend a borrower a specific amount.)
As a pre-qualified buyer, you enjoy these benefits:
- After factoring in your down payment amount, you secure a better idea of how much home you can safely afford.
- Having a solid estimate of your monthly mortgage payment is helpful as you prepare a monthly household budget.
- The ability to shop with confidence since your offers are backed by a conditional commitment for a specific loan amount.
- Sellers are more willing to accept an offer from a buyer who is pre-qualified—giving buyers a competitive edge in seller’s markets.
Please contact us today for a free, no-obligation pre-qualification consultation. Our goal is to help you learn how much home you can afford and which mortgage program is right for your financial situation.