The importance of home loan pre-approval

Obtaining Home Loan Pre-Qualification* is key to a successful home buying experience.  In fact, here are 7 reasons fully Pre-Qualification should be the first step when buying a home.

Why You Should Get Pre-Qualified

Aside from being able to make offers, a mortgage pre-qualification provides several additional benefits to a home-buyer. In fact, the process allows buyers to enjoy a much smoother home buying experience overall. For example, completing a pre-qual helps buyers do the following:

Save Time and Avoid Stress

Stress during the home loan process often comes in the form of last minute lender requests and underwriting surprises. Additionally, those same things create delays in closing. However, completing pre-qualification avoids surprises and delays.

The Pre-qual process unearths questions related to your loan approval in advance. This allows you and our team to preemptively discuss and cover things that an underwriter will ultimately review during their final approval of your loan.

Know Your Buying Power

Often, buyers find a home they love and then start the home loan pre-qual process. However, that home may not be indicative of your actual buying power. Knowing your buying power shows you both what mortgage payments are at different price points and reveals how much you can afford. Knowing this in advance helps you during the house hunting process.

Evaluate Home Loan Options

Most home-buyers do not know how many great loan options and strategies exist. A pre-qualification with the HOUSE Team uncovers your different mortgage prior to rushing into a one size fits all loan option.

From loan term and down payment to mortgage insurance strategy there are many ways to structure your new home loan.

Know What Your New Home Costs

Similar to knowing your buying power, understanding costs related to buying a home is helpful. From appraisal and home inspection costs to lender and title company fees getting pre-qualified shows you all costs in advance.

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*A pre-qualification is not an approval of credit, and does not signify that underwriting requirements have been met