Looking for the right home is stressful, but skipping an important step before you start looking for a new home can set you back. With a prequalification in hand, shopping for you next home can be a little easier. Here’s how a prequalification helps you as you start your search:
Know Where You Stand
Eliminate the chance of disappointment and know your path to home ownership. With a prequalification, you’ll know exactly how much home you can afford. With that number in your back pocket, you can focus on finding the home that is right for you. Any credit issues that could hinder you down the line are also spotted at this stage.
Streamline Your Search
Because you’ll know how much home you can afford, you can streamline your search by looking only at homes that fit your budget. You won’t waste precious time looking at houses outside of your price range. Time can then be better spent on what really matters – like, “is that triangular window a deal breaker?”
You’ll be Taken More Seriously
Sellers and Real Estate Agents will take you more seriously as a buyer if you have already been prequalified. You are a more serious buyer because you have the backing of a lender that has looked at your financial background.
Have an Advantage in a Competitive Market
Being prequalified can give you the upper hand in a multiple-offer situation. Because you are backed by a lender, your offer can be considered more serious than others that are not – shop with confidence! A prequalification shows that you are ready and able to buy the seller’s home.
Faster Closing Time
You may also be able to shorten your closing time. Because the lender has already collected much of your financial information, the closing process can be sped up significantly.
Ready to start your search? Get prequalified today by contacting one of our Loan Officers.
At Peoples Mortgage, it’s all about the people.