“3 Reasons to Get Pre-qualified”

 

The first step towards making a wise borrowing decision is getting pre-qualified. If you are thinking of buying a home, here are three reasons you should talk to your lender before you start looking at homes.

 

1. You’ll Know What You’ll Need

 

Are you going to need a down payment? Will you need a cosigner? How much money are you going to need to cover closing costs? Getting pre-qualified will guarantee that you will know what will be expected of you throughout the process, and, therefore, you will be able to prepare ahead of time.

 

2. You’ll Have Time to Overcome Obstacles

 

Perhaps, when you apply, there will be a problem with your qualifications. Maybe there is something old on your credit report that is hampering your FICO score, or maybe the type of home you plan on buying will make it harder to qualify. If you discover these problems ahead of time, they can probably be dealt with. However, if you wait until you have a signed contract before trying to secure your financing, you may run into a problem that will be hard to overcome.

 

3. Your Lender Can Help Prepare an Advantageous Sales Agreement

 

Because your lender will be the only one who fully understands the type of financing you will be receiving, it is extremely beneficial for you to have them involved in the writing of the sales contract. Will you need a seller’s assist to help with closing costs? What will be the best split of transfer tax and real estate pro rations? A good lender will make sure that these factors are written in your best interest as a borrower. If you do not have a lender pre-qualify you for a home purchase, you will be on your own when it comes to this important document.

 

Remember, getting pre-qualified does not commit you to working with the lender who pre-qualifies you. You can always choose another lender if you do not feel that your lender is working in your best interests. If you have any questions about what you have read here, or if you would like to discuss other facets of the mortgage process, please feel free to call us toll free 1-888-383-5363 or simply fill out the question box below. We will be glad to help you in any way we can. There is never any obligation, and there are no fees associated with simply answering your questions.

 

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