What is prequalification and what does it entail? Right now the real estate market is very competitive, and getting properly prequaled gives you the upper hand when buying a home. By getting prequalified, you can feel prepared and confident going in with your best offer, giving you the best chance to get your perfect home.
Part of the process of prequalifying a home buyer includes questions like: “How much would you like for your maximum monthly house payments to be?” “How much savings and assets do you have that can be considered in the lending process?” “What are you prepared to put forward for a down payment?” “What is your recent employment history” “What will your new property be used for?”
The prequalification process gets these questions, and the initial documents, out of the way at the beginning, so that when you find the perfect house or property and are ready to buy, you won’t have any unexpected pitfalls at the last minute that could hurt or ruin your chances at purchasing your new property.
For more information on how to make sure you qualify for the best possible loans for your situation, check out our other blogs on 5 Common Mortgage Application Mishaps and Tips for First Time Home Buyers.