WHY GETTING PRE-QUALIFIED
GIVES YOU A BUYERS ADVANTAGE!
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So you've decided to get pre-approved, that's great! Unless you are planning on paying all cash, I STRONGLY recommend that you start start working with a mortgage lender now, rather than waiting until you find a property, for several reasons:
The lender can let you know what to expect as far as money that you’ll need to bring to closing and what your monthly payment will be (approximately, since property taxes and insurance will vary somewhat between properties), for a given purchase price and down payment. I don't remember for sure, but I believe the mortgage calculators on some of the popular online real estate sites may only show principal and interest payment amounts (but NOT including property taxes & insurance), which may lead you to believe you can afford more house than you can in reality.
We can’t write an offer without a either a pre-qualification or preapproval letter from your lender, and you don’t want to be scrambling to get one when a hot property comes up (which may go under contract within a couple of days). Also, I am coming across more and more sellers who will not allow their property to be shown to buyers who have not provided either a preapproval letter from their mortgage lender (if getting financing) or a proof of funds (if paying all cash).
If there is an error on your credit report (ie. Something that you paid off but is still showing as active, or a dispute that you resolved that one of the credit bureaus is still showing as being delinquent), it will need to be resolved before you can purchase a home, in order to receive the best possible interest rate & terms. It may take 1 or more months to resolve a mistake.
Also, you can start giving that lender the sort of paperwork they will need to actually get you “preapproved,” (rather than just “prequalified”) such as bank statements, payment stubs, tax returns, etc. so they can make sure there are no issues before you find a home.
A pre-approval makes your offer look stronger to sellers. It also minimizes any surprises that may delay or force a cancellation once under contract.
Of course, I don't receive any kickbacks from any lenders (or any other service providers) and you are more than welcome to use ANY lender of your choosing.
However, if you're not already pre-approved for financing, or if you just want a second opinion, please fill out the short form below and I’ll have one of our trusted local lenders (that past clients have been happy with) reach out to you.