3 Ways Pre-qualifying for Your Mortgage Loan is a Smart Move

3 Ways Pre-qualifying for Your Mortgage Loan is a Smart Move

You’ve been looking at real estate listings online and dreaming of a new home, and now, you are ready to get out there and start looking for just the right house.  Before you start, you should know there is power in pre-qualifying for a mortgage.

1) Pre-qualifying for a mortgage will save you time.

3 ways pre qualifying for a mortgage loan is a smart moveA pre-qualification letter from a mortgage lender says you are able to afford a home loan of a specified amount before you’ve even looked at any houses.

When you pre-qualify for a mortgage, you learn just how much home you can comfortably pay for.  Knowing how much home you can afford will save you time.   When you know which houses you can afford and which ones might be out of your price range, you won’t waste time touring through those houses that would leave you struggling each month to pay your bills.

2) Pre-qualify for Negotiating Power!

One situation where pre-qualification can work in your favor is when other buyers are interested in the house you’ve set your heart on.  The seller is going to give a lot more weight to the offer that comes with a pre-qualification letter.  A pre-qualification letter makes a much more solid offer for a seller to consider.

When you find the house you love, you want to move quickly and be taken seriously.  Pre-qualification tells the seller you are serious and ready. The seller doesn’t have to wait to see if you qualify for the house he is selling.

To learn more about mortgages, visit our home loans page.

3) Pre-Qualification Builds Relationships

Pre-qualification is not a loan pre-approval nor a commitment on a loan.  When the seller has accepted your offer, and you are ready to finalize the loan, we will be ready to guide you through the process.  We already know you, and we want to help you get into the home you’ve been dreaming of!

If you want to pre-qualifying for a mortgage loan, we would love to help.  Give us a call to get started!