When searching for a new home an important first step is getting prequalified for a mortgage loan. Lenders often highly recommend obtaining one due to the number of benefits it provides the homebuyer.
Know How Much You Can Afford
A prequalification will let you know how much you can afford to borrow. When shopping for a home this can help you narrow down houses that will fit your budget.
Help Getting Your Offer Accepted
Being prequalified shows realtors and sellers that you are serious about purchasing a home. Additionally, it can help you obtain an accepted offer, by proving that a mortgage lender has reviewed your application, and that you have received conditional approval for a home loan.
Feel Confident About the Process
Purchasing a home can feel daunting, but a having a prequalification can help you feel confident moving forward in the process. Speaking with a lender regarding types of mortgage loan products you may be eligible for, plus a breakdown of what your monthly payment could be, and what is included in that monthly payment (principal, interest, taxes, insurance, etc.) will help you feel educated and more comfortable about buying your home.
Ready to Get Started?
If you’d like to learn more about obtaining a prequalification, or the mortgage process, please contact one of our local, experienced, mortgage originators at 877-682-0334.
Or if you’re ready to get started on your prequalification application, we make it easy to apply online!