You may have heard, “it is a good idea to meet with your mortgage banker before house hunting”. If you haven’t, well let me tell you, “it is a good idea to meet with your mortgage banker before house hunting.” Even though I’m writing this from my office, inside one of the largest independent mortgage banks in Kentucky, this tip is not something concocted by mortgage bankers to get you in the door. Getting prequalified can save you some heartache, speed up the process, and could even help get you the house you want!
When someone is prequalified, it means a mortgage lender evaluates financial information an individual provides and forms an opinion about how much the individual may qualify to borrow. By getting prequalified you will set realistic expectations for your house hunting. You can avoid finding your dream home then finding out that financially it is unattainable. By house hunting with realistic expectations you will have a better direction which will lead to a more enjoyable experience because you will be working towards reaching a realistic goal.
Not only will getting prequalified give your house hunting a direction but it could help you get the house you want. You see, when it comes to sellers selecting an offer, they want to know that the person presenting the offer has the financing to see the purchase through to the end. If your offer is being considered alongside another person’s offer, your prequalified letter will show that you are serious about moving forward with the purchase and have the financial backing to do so.
Finally, there is a lot of paperwork involved in getting a mortgage and several steps from start to finish so the sooner your paperwork is started, the sooner you are finished. Getting prequalified is the first step so if you are considering purchasing a home anytime soon, contact us to get prequalified and begin your house hunting sooner! Learn about what first time home buyers need to know on our website.