Home interest rates are currently on the rise, which means that it is more important than ever for homebuyers to get pre-qualified now. Mortgage rates have increased in 2018, and are expected to continue rising over the next year. Continue reading to learn more about interest rates and why it’s so important for homebuyers to get pre-qualified.
Know Before You Go
Mortgage rates are expected to top five perfect by 2019 as home prices increase, so now is the time to get pre-qualified. Securing mortgage pre-qualification is the first step in the home buying process, even before you start to look for homes. Homebuyers may hear the phrase “know before you go,” which refers to knowing what you can buy before attempting to purchase a home. This is done by getting a pre-qualified letter, as it allows you to be in a position to not lose your dream home because you will know ahead of time what you can and can not afford. It’s crucial to get this done early, as you won’t have much luck with home sellers and real estate agents if you are not pre-qualified.
How To Get Pre-Qualified
To get pre-qualified, you will start by giving your lender an overall financial picture, including your debt, income, and assets. With this information, your lender will evaluate and in return, give you an idea of mortgage you qualify for. The process is typically very straightforward, and can be done in person, online, or over the phone, often at no cost.
Advantages Of Getting A Pre-Qualified Letter
There are many advantages to getting a pre-qualified letter, as it will automatically help homebuyers make an offer on their home. When a seller sees you have been pre-qualified, they feel confident knowing that you will be able to get the financing to buy their home. Buying a home is one of the most significant purchases you will ever make, and you want to feel as confident as possible knowing that you can afford the home.
Create Your Dream Home with Rainbow Construction
Whether you are seeking the dream kitchen you have always wanted or the dream home you’ve always pined for, Rainbow Construction is here to help. Our dedicated team can help you realize the true potential of your current home.
With over 55 years of experience and a fantastic reputation, Rainbow Construction, located in Waldorf, MD, can make your dreams a reality. We serve St. Mary’s, Charles, and Prince George’s Counties, Southern Maryland, and Washington, D.C., and pride ourselves on providing excellent customer service, professional expert workers, and competitive rates. To learn more about our custom home building, visit us online or give us a call at (301) 843-1018. To learn more about our services and who we are, follow us on Houzz, Pinterest, Facebook, Twitter, Instagram and LinkedIn.