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May 09, 2017

Mortgage 101: Pre-qualification

When it comes to buying a home, being pre-qualified for a mortgage could make your offer more appealing.

Like many people thinking about purchasing a home, you might wonder if it’s worth getting pre-qualified before starting your house hunt. In a word, yes!

What does it mean to get pre-qualified for a mortgage?

The most important thing to know about pre-qualification is that it doesn’t necessarily mean you have the go-ahead to purchase a home. In actuality, being pre-qualified for a mortgage means you’re probably a good candidate for a loan.

How do you get pre-qualified?

Pre-qualification is a fairly simple process, during which you provide an overall picture of your financial health including your income, assets, and debts. After reviewing this information and your credit report, your Mortgage Specialist can provide a rough idea of the mortgage amount for which you might qualify. It’s no guarantee that you’ll actually be approved for the loan, but it does arm you with enough information that you can start searching for a new home that might fall within your price range.

Why should you get pre-qualified?

The main benefit of being pre-qualified for a mortgage is that it shows sellers you’re serious about buying a home. What’s more, sellers are leery of taking their homes off the market for buyers who may or may not receive financing; they’re much more likely to accept an offer from a pre-qualified buyer.

Get pre-qualified today

If you’re shopping for a new home, you can count on us to help you achieve your goals. Schedule a consultation with one of our highly experienced Mortgage Specialists.