Many home buyers think that getting pre-qualified is not a necessary step in purchasing a house. On the contrary, it is a very important step - reasons for which are explained below.
Getting pre-qualified for a mortgage ensures you, your realtor, and the sellers of potential properties that you are able to obtain mortgage financing.
It sets a financial road map for you, so you know what you can comfortably afford and what price points of homes you should target.
It sets you up for success in obtaining mortgage financing by providing you with reasonable expectations before you begin your home search.
Getting pre-qualified entails providing your financial information to a loan officer, authorizing them to run your credit report and review your situation and home-buying goals. It gives you the opportunity to discuss all of your options up front, ask any questions you may have, and get informed on the mortgage process.
Buying a home is a huge commitment, one you should be educated about, and getting pre-qualified should be your first step to home ownership!
