Sep 03 2007
Week of September 3rd, 2007
What’s So Important about Pre-qualifying?
Last week, I offered some tips on finding a new home. This week’s tip is one of the most important. I’ve learned that one of the best things a prospective buyer can do in any market is to be pre-qualified. In a hot market, if you get into a bidding war with another buyer, the absence of a pre-qualifying letter could hurt your bargaining position. Don’t let this happen to you!
Becoming pre-qualified is a simple process. You meet with a mortgage consultant who determines how much home you can afford and what type(s) of loans would work best for you. The consultant may also provide you with a good faith estimate that outlines your down payment, closing costs, and estimated monthly payment. With this information in hand, you’re one step closer to buying your new home – and the seller knows that you’re a serious buyer.
Check with your lender to get pre-qualified today!