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How Prequalifying Helps You
Often, a buyer will start looking for a home to buy without talking to a lender to prequalify for a mortgage. Usually, the buyer will have an idea if they will be able to prequalify or not. They may not know how much mortgage they can qualify
What price of home to buy
- This is probably the biggest reason to prequalify for a mortgage. Once you prequalify for a mortgage, you won't waste your time looking at homes you can't afford. You may even qualify for a higher priced home, in which case you may want to look at different homes.
What type of Mortgage should you get
- You can select the correct type of mortgage for and become educated on it. There are several different types of mortgages available; conventional, FHA, VA. You can also consider different programs that may be available. If you wait until you find a home, you will feel much more
pressured to select a loan. It's better to take your time and know what is really in your best interest.
Other People Have Asked:
It's Part of Making an offer
- Most sellers will not accept an offer on a home without knowing the buyer has the ability to secure a mortgage. If you were selling your home, you would want the buyer to be prequalified.
Know your mortgage payments
- You will know what your mortgage payments will be based on what the mortgage prequalification states. That kind of information can really give you peace of mind.
Assists in the Mortgage process
- You have already begun the mortgage paperwork process which will give you a head start when you have to apply for a mortgage. You will already have some of the paperwork you need to apply for a mortgage together, again relieving some of the pressure of the mortgage process.
Shop for Mortgages
- You can still shop around after getting prequalified for a mortgage, for the best rates and best terms.
It's definitely important for you to prequalify for mortgage financing, so if you haven't done it yet go ahead. It's quick, easy, and will definitely make you feel more confident about your home buying experience.