There are several benefits to getting pre-qualified and it can be a valuable first step towards purchasing your home. Many home buyers choose to get qualified early. Here are some reasons why you should get pre-qulified.
Learn How Much You Can Barrow
When shopping for your future home it is important to know the total living cost you are able to spend on your new home purchase. You can also make things a lot easier for yourself by saving a lot of time and money. It would be a wise decision to get pre-approved in order to determine your financial qualifications for a loan before you even start your search.
The Qualification Process
Your lender will ask for your annual income, total amount of debt, monthly payments, current employment and any negative financial incidents that may affect your chances of getting a loan. There are generally no fees so it’s an easy choice to make.
You will be asked to fill out a mortgage application which your lender will use to verify your information and run your credit. Upon receiving qualification there is usually a letter presented to you which will be a written commitment of your approval.
A pre-approval can be helpful for all homebuyers, but more so for first-time homebuyers. It will be difficult to compete with other buyers who have already taken the initiative to take this significant first step.
For more information, contact the Lockwood Team today! With 25 Years of Experience, the Lockwood Team offers quality real estate services whether you need a Listing Agent or Buyers Agent. You can trust they we will get you what you want and “Help You Achieve All Your Real Estate Goals”. Visit us at our location on 23740 Hawthorne Blvd 2nd Fl, Torrance, California 90505 or give us a call at (310) 802-2409.