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One of the most frustrating
situations to run into when house hunting is to
find the perfect place, negotiate an offer everybody's
happy with and then not be able to qualify for the
needed financing. The best way to avoid this is
to pre qualify for a mortgage through a lender before
you even start looking at houses - so you're fully
confident about what you can afford.
Use a lender
Prequalification through a lender doesn't have to
commit you to finance your home through that same
lender. Indeed, if anything it's simply a chance
for the lending company to market its services.
If you want, you can continue to shop for the best
mortgage deal while you're house hunting. Your real
estate agent can provide you the names of reputable
lenders and set up a prequalification meeting.
Even after you're pre qualified, it's worth moving
forward with the loan application process as early
in your house hunting as possible. The process can
be lengthy, with lenders requesting highly detailed
information about your debts, assets and credit
history. By starting early, everything can be in
place when you find the right home.
Sellers know you're
serious
In addition to clearly letting you know how much
home you can afford, pre qualifying lets home sellers
know how serious you are. One of the first concerns
a seller or listing agent has when an offer is submitted
is: ´´Has the buyer been pre qualified?´´
When it's a seller's market with multiple offers
and quick sales, prequalification through a lender
is vital. And regardless of market conditions, prequalification
always increases a buyer's standing in comparison
to buyers who aren't pre qualified. Sellers don't
like having a property tied up in negotiations -
only to have the transaction disintegrate in the
11th hour because the buyers don't qualify for the
necessary financing.
Pre qualify yourself
If you're not ready to talk to an agent or lender,
you can pre qualify yourself using the same basic
formulas used by the mortgage industry. This will
give you a good idea of your price range. But when
it's time for serious shopping, it's worth knowing
exactly what a lender thinks. And it's worth confirming
that your credit history doesn't hold any surprises.
An experienced real estate agent can help you through
this process. |
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Carey
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