In some areas, homes jump on and off the market in a matter of days. When you’re shopping for a home, you’ll want to have an extra edge over other buyers. That competitive edge is a prequalification letter from your lender. Having a prequalification letter will show buyers that you are serious. It will give your agent an advantage when negotiating on your behalf, and it will help you get the ball rolling quickly when you’ve found your dream home. Here are a few recent articles that highlight the importance of getting prequalified:
CNN Money – Homebuyers: To get the house, get there first
Shopping in a popular spot? You’ll have to go beyond the usual sellers’ market tactics, such as getting prequalified for a mortgage. These strategies will help you find homes first, stopping a bidding war before it starts.
Keeping Current Matters – Home Loans: Shopping for a Low Interest Rate
Move Quickly. As they say, time is money… look into getting prequalified for a loan. This process is rather simple and can put you in a much better place to buy, as well as give you a great idea as to what you can expect to borrow.
Market Wired – Why It Pays to Get Prequalified for a Mortgage
“Many borrowers essentially sail through the application process. Because they do their homework and plan ahead, they get prequalified,” said Ray Brousseau, Executive Vice President with Carrington Mortgage Services, a lender active in more than 40 states. “Not only is the application process easier, but a qualified borrower is more attractive to home sellers, meaning that borrowers can get a marketplace advantage by going through the prequalification process.”
If you are currently shopping for a home, my team and I would love to help you with the prequalification process. Give us a call today!