Getting prequalified for a mortgage is a great asset when buying a home, but a lot of people don’t take advantage of it. So we thought we would answer some common questions about prequalification to help you get ahead in the search for your dream home.
WHY GET PREQUALIFIED?
- Getting prequalified for a mortgage lets you know exactly how much you can afford, which in turn saves you time and frustration when you’re house-hunting. You can narrow down your field and get into your new home faster.
WHO LOOKS FOR PREQUALIFICATION?
- Your prequalification can actually set you ahead when you are talking to sellers and realtors. It shows that you are a serious buyer, and you can afford their home. If your bid is up against another buyer, and you’re prequalified for your mortgage while they are not, the seller and realtor are far more likely to trust you. This can sometimes win you the house.
WHAT SHOULD I EXPECT?
- You should never be charged for getting prequalified, and you should always look for paperwork. If someone just asks you a couple of questions and quotes you over the phone, they may be right, but they may not. You should look for someone to actually gather all the needed information from the right sources, including income and your credit score – and make sure you get your official prequalification on paper. This is what we always give people who call us, so they can be confident that they know for a fact that their qualification is accurate.
IS THERE ANY REASON TO NOT GET PREQUALIFIED?
- In short, no. If you are early in the game, you don’t even have to know what mortgage company you are going to choose yet. You can get prequalified one place, and still decide to switch lenders later on.
If you have any questions or you need to get prequalified for a mortgage before you head out to look at houses again, we’d love to help you! Give us a call any time.
We wish you all the best!
Audrey
The Christian Mortgage Mom
