Pre-Qualifying for a Mortgage Loan

Posted by Crystal Olenbush on Thursday, May 15th, 2008 at 3:19pm.

Since you will most likely need a loan in order to purchase your dream home, you might want to consider getting pre-qualified beforehand.  By getting pre-qualified for your home loan, the lender will be able to verify whether or not your credit is solid as well as the price range you can comfortably pay for a home.  In addition to these perks, there are several other benefits to getting pre-qualified for a loan.

Save Time and Rest Easy

One of the perks to getting pre-qualified for a loan is the fact that you have a clear idea of how much you can afford and you can rest easy knowing that you will be able to acquire a loan once you find the perfect home.  In addition, since you know how much you can truly afford for the home, you won’t waste time looking at homes that are outside of your price range.

Looking for a new home may be exciting, but it can be a stressful process as well.  Therefore, alleviating the concern of getting approved for a loan can help make the process far more enjoyable.  By freeing yourself from this concern, you can focus more on the home hunting process rather than worrying about whether you can afford it or not.

Enjoy Another Bargaining Chip

Being pre-qualified for a loan can also help you when it comes to negotiating a deal with the current homeowner.  When you have been pre-approved for a loan, your offer will be more meaningful to the homeowner.  In turn, this will make you more likely to obtain the price and terms you are looking for.

Taking Care of Problems Early

Sometimes, little bumps in the road can get in the way of the home loan approval process.  After you have found your dream home and made an offer, you don’t want problems with the approval process getting in your way.  If you get pre-qualified for a home mortgage loan, you can take care of these problems before you fall in love with a great home. That way, when it comes time to officially apply for the loan, you will be certain to just glide right through the process.

Whether you are ready to purchase the home now or later, getting pre-qualified for the loan will help make the process go far more smoothly.

For mortgage help we recommend Max Leaman with PrimeLending.  His phone number is 512-617-5636.

Posted by Crystal Guthrie, Realtor 512-422-3452.  Call today for a home buying consultation!

2 Responses to "Pre-Qualifying for a Mortgage Loan"

Jim Olenbush wrote: Great points Crystal! It only takes a minute to apply for a loan, but many buyers fail to take this step until they are already in love with a house.

Posted on Thursday, May 15th, 2008 at 3:24pm.

Nishantha wrote: I think a short term loan might be a good way out when you are tight with money and you still have few days to payday.

Posted on Monday, June 30th, 2008 at 7:06pm.

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