The Importance of Getting Pre-Qualified
Dated: March 9 2021
When preparing to buy a home a buyer is encouraged to get pre-qualified so they will be fully aware of how much mortgage they are approved for and what loan type, which influences which homes to view. Some people may have an ideal home and price range, however, when they get pre-qualified, they often realize that sometimes their dream home is far within reach, financially speaking.
The best way to be prepared for this is to be open to getting a pre-qualification with a lender that services the state they are looking in. The first step in getting pre-qualified is finding a lender. What would really help is to find a lender who has a good reputation and competitive rates. The lender will then ask for documents such as current debt, net income including non-conventional sources of income, as well as other assets. After providing these documents, the lender will review everything and will determine an estimate on how much mortgage that particular lender is willing to lend.
Once the buyer has been pre-qualified and they know how much they can spend on a home, it is then time to start looking for properties. Showing pre-qualification documents to real estate agents gives the impression of being serious about purchasing. Also, having pre-qualification documents will allow the buyer to realistically search for homes within that price range and the ability to offer if they find the right home.
We at the Stephanie Woods Team, help buyers from beginning to end. We encourage getting pre-qualified and we have recommendations for lenders that have provided our past clients with stellar service. It is particularly important to get pre-qualified in our current seller’s market. Prescott homes are selling fast, and we would love to help you buy your dream home. Call us today to set up a conference call to go over your desired home criteria. Please feel free to check out our online Google reviews. The Stephanie Woods Team Better Homes and Gardens Real Estate BloomTree Realty 928-237-4455 prescottazhomefinder.com.