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Why Pre-Qualify?
By: Celeste Stewart
If you’re in the market for a new home, it pays to get pre-qualified for your home mortgage before you begin your search. While it may seem like an extra step, it offers many benefits to everyone involved.
For you, the buyer, you will know how much home you can afford. You will also be able to ask the lender questions and get a better understanding of the mortgage process. By pre-qualifying, you are showing potential sellers that you are serious and that you can afford their home.
Even if the results of the pre-qualification aren’t what you had hoped, by going through the process, you will see exactly where you stand and what issues you may need to resolve before you can buy a house.
Sellers will appreciate that they are dealing with someone who has been pre-qualified. They can accept your offer without worrying about taking their home off the market unnecessarily.
In addition, your realtor will know what you can afford and focus their search on homes that meet your needs, in your price range.
When you have found the home of your dreams and have successfully negotiated the sale, the entire mortgage process will go faster because you will already be qualified and you will have much of the necessary supporting paperwork available.
Finally, by getting pre-qualified, you will avoid the heartache of falling in love with a home only to find out you don’t qualify
All information provided is deemed reliable but is not guaranteed and should be
independently verified.
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