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Mortgage Pre-approval
Why is it important to get pre-approved for a
mortgage before you begin your search for a home? Because there are 3 people who
will benefit from your pre-approval: You, your agent, and the seller from whom
you eventually buy a home!
You: The most important, of course, is you. There are simply too many
variables--credit history, income, debt, special mortgage programs and
variations in qualifying guidelines between different mortgage types--to do it
alone. The only sure way of getting the question answered is through
prequalification. The mortgage prequalification step is a relatively simple one,
but it is an important one. It begins the process of formally applying for a
mortgage, and it gives everyone involved--especially you--a clear sense of the
direction they should be headed.
Your Agent: By knowing what your financial parameters are, your Agent can
spend more time looking for houses that "fit" and less time pursuing dead ends.
The Seller: Want to strengthen your bargaining position? Get pre-qualified.
Want your offer to stand out in a case of multiple offers for the same house?
Get pre-qualified. Look at it from the seller's perspective. If you had 2 offers
on the table for your house, one from a fully pre-qualified buyer and the other
from an "I'll get around to that soon" buyer--to which offer would you devote
the most attention?
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