Unless you’re paying cash… if you wanna’ buy a home, then you really should get pre-qualified. (And that’s true no matter what your situation is.) Here’s 5 BIG reasons why:
#1 If you’re going to need a mortgage to make it all happen, then getting pre-qualified will let you know how much of a mortgage you can qualify for. And when you coombine that number with the cash you have to work with- you’ll know the upper limit of your purchasing power.
#2 Typically when a seller receives an offer, they want to see a pre-qual letter attached. If one is nowhere to be found then they will likely hold up responding to your offer until you get that piece of business taken care of. And if they happen to get two offers at the same time, and one has a pre-qual letter and the other does not—- just guess which one they’re most likely to accept? (Thinkaboutit… if you were selling a house, would you want to pull it off the market for someone who hadn’t been to see their local mortgage guy yet?)
#3 Getting pre-qualified will save you time. It may allow you to get into your new home sooner. Or possibly even make a deal work that otherwise would not!
#4 While getting pre-qualified you may discover that you’re eligible for one or more lending programs you were not aware of. That just might save you money, allow you to buy a bigger house, or qualify for a tax credit—- or all of the above!
#5 Btw, if you think you won’t qualify… RELAX, you just might get a pleasant surprise. (And even if you don’t, what you & I learn will allow us to negotiate a better contract deal for you!)
And the cost to get pre-qualified? Why, there isn’t any. So call me— I know a guy!