If you’re a buyer in our market, getting pre-qualified will greatly increase your chances of getting the home you like.
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If you’re thinking about purchasing a property in our market, where inventory is shrinking, interest rates are rising, and demand for housing is strong again, it’s in your best interest as a buyer to get pre-qualified.
What does the pre-qualification process look like, though? Why should you get pre-qualified if you haven’t even seen a house you like yet?
According to Tripper Heckscher of Prosperity Home Mortgage, your chances of getting the house you like increases exponentially when you’re pre-qualified. If you walk into a house that you like, two things happen when you’re pre-qualified. First, you’ll know that you can afford it—if you want to write an offer on it, you can do so right then and there. Second, you’ll have a better idea of how much the home will cost you on a monthly basis because you will have already spoken to a lender.
If you walk into a house you like without being pre-qualified, you won’t know either of those things. There’s nothing worse than falling in love with a house and then being told you don’t qualify for it. Tell your lender which houses you plan on looking at so they can calculate the expected payments of each of those houses.
The pre-qualification process can usually be done over the phone with a lender in about 10 or 15 minutes. They’ll do what’s called an intake interview, where they’ll review your credit information as well as your income and asset information.
I want to give a special thanks to Tripper for joining me today to elaborate on this important topic. If you have any questions at all or are thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be glad to help.