Three Reasons to get a Loan Pre-Qualification

One of the hardest things to figure out when it comes to being a first time homebuyer is where to start. Many might get their feet wet by browsing listings online. This can be helpful in determining style and location preferences, but there’s no better way to get started than to get pre-qualified for your mortgage loan. Being pre-qualified does not mean you’ve gotten approval for a loan. A pre-qualification is essentially an estimate of the amount you can borrow based on your income, assets, and debt. There are a ton of reasons to get pre-qualified such as to have accurate expectations, to prove that you are serious, and because it’s easy!

Know Your Budget

A pre-qualification gives you a budget for your home search, if only an estimated one. Knowing roughly what you can afford will prevent an instance of falling in love with the perfect house only to learn that it costs $100,000 more than you will be able to get financing for . Getting pre-qualified will also let you know if you need to hold off on your home search until you’ve had the chance to build up some credit.

Show You’re Serious

Being pre-qualified for a mortgage loan makes everyone involved more comfortable. Not only will you have accurate expectations, but it shows agents and sellers that you’re serious about buying a home. If you want to really prove that you’re serious about buying a home, get pre-approved for your mortgage loan!

It’s Easy!

Getting a loan pre-qualification is easy when you use Western Plains Realty’s online form. Looking at homes for sale in Loveland, CO? Western Plains Realty would love to guide you through your home buying adventure!

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