When a homebuyer is prepared, the home-buying process can often move quickly. One way to help keep it speeding along is being pre-qualified for a mortgage loan. Here’s why being pre-qualified can accelerate the path toward homeownership:
It Allows Homebuyers to Know Their Limits
Being aware and respectful of a budget saves time and prevents prospective homebuyers from daydreaming about out-of-budget homes. Have a mortgage professional review your credit, income and other financial liabilities so you know what you may can comfortably afford. Your mortgage professional will issue a ‘pre-qualification letter’ that your real estate agent can work with to make sure the homes they show you are within your budget.
It Shows Sellers the Homebuyer is Serious
The real estate market can be a competitive space. Getting pre-qualified could give you an advantage over fellow potential buyers because sometimes, sellers may request a pre-qualification letter prior to a home showing.
It Helps Homebuyers Know How Much to Save
Your mortgage professional will run through the numbers. That way, you will know how much money you’ll need to bring to closing, including down payment and closing costs. Then you can better manage your spending and plot a course to help you achieve your goal of homeownership.
Ready to take the first step? Contact DiVito Dream Makers for information on finding the best mortgage professional for you!
Article originally appeared on RE/MAX.