Do you know the first step you should take when you’re ready to buy a home? There are many things to consider once you start your search: finding the perfect neighborhood, searching for the right realtor, and most importantly, getting pre-qualified for a home loan. Before you do anything, you’ll want to have a realistic picture of what’s possible. Read on for our Top 5 Reasons You Should Get Pre-Qualified Today and how to do it.
1. Get a clear picture of what you can afford.
When you go through the pre-qualification process, you supply the lender with your overall financial picture (income, assets, debt, etc.) and they can help you understand what’s possible in terms of home financing. Learning what you can afford will help narrow down your home search and prevent you from searching outside of a comfortable monthly mortgage payment.
2. Save yourself valuable time.
When you pre-qualify for a home loan, you’re saving time down the line. When you find the perfect home, you want to be sure that you’re ready to make an offer. It’s a highly competitive real estate market, which can lead to multiple offers on the home you have your eye on. You’ll want to be prepared with a competitive offer from a reputable lender when it’s crunch time.
3. Find out what mortgage options are right for you.
There are many options for home financing beyond the typical adjustable and fixed-rate mortgages. A qualified mortgage banker can help you find out what special loan programs you may qualify for, depending on your current financial situation and history. Read more about home loan options available with Summit Mortgage Corporation.
4. You’re more likely to have your offer accepted.
Sellers are more likely to consider or accept your offer on their home if you have secured loan pre-qualification from a reputable lender. If your pre-qualified, it will give them confidence and assure them that you’re serious about the purchase.
5. It won’t cost you.
Summit Mortgage Corporation provides a free, no-obligation, pre-qualification consultation. We’ll help answer your questions and discuss your specific home financing needs, no commitment necessary. As the previous four reasons show, pre-qualifying for a home loan can be a great first step. What do you have to lose? You could be closer to living in your dream home than you’ve ever thought possible.
Ready to get started? Contact us today to learn more about pre-qualifying for a home loan!