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Prequalify For Mortgage-Why It’s Important for You

September 15, 2017 By Sean Casey

prequalify for mortgage
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Quick Navigation
How Prequalifying Helps You
 What price of home to buy
 What type of Mortgage should you get
It's Part of Making an offer
Know your mortgage payments
Assists in the Mortgage process
Shop for Mortgages
prequalify for mortgage

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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 for, but may have a general idea.  Here are some great reasons as a buyer you should prequalify for a mortgage.

 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.

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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.

    

Filed Under: Home Buying Tagged With: Mortgage

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About Sean Casey…

I'm a full time Realtor®. I enjoy reading, listening to music and watching Philadelphia sports. I love animals, especially dogs and my wife rocks!
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Sean Casey Patterson-Schwartz Real Estate

Patterson-Schwartz College
680 S College Ave
Newark, DE 19713
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Direct: 302-733-7020
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