One of the most important parts of the home buying process is securing mortgage pre-qualification, as it assures lenders that you will be able to afford payments. It’s essential to get your pre-qualified letter before you begin looking for homes, because without the letter, you won’t have much luck getting the attention of home sellers or real estate agents. Continue reading to learn why having a pre-qualified letter from a lender helps you to be a better homebuyer!
Get The Best Type Of Mortgage For You
Getting pre-qualified is the first step in the mortgage process, and is a pretty straightforward process. Going through the process allows you to discuss questions or needs regarding your mortgage, and your lender can recommend the type of mortgage option that is best suited for you and your situation. While the pre-qualified letter is often an approximation, it can be very helpful when beginning the process of looking to buy a home.
How To Get A Pre-Qualified Letter
To get a pre-qualified letter, you start by giving your lender your overall financial picture, which includes your debt, income, and assets. Then, your lender evaluates the information, and in return gives you an idea of the size of mortgage you qualify for. This pre-qualification process usually does not cost anything and can be done easily over the phone or online.
Advantages Of Having Pre-Qualified Letter
Having a pre-qualified letter automatically help you make an offer on a home, as the seller can be confident knowing that you will be able to get financing to buy the home. Whether you have a pre-qualified letter or pre-approval letter, both show sellers that you’re serious about your offer and have the proof to back it up. Sellers always want to know that you’ll be approved for a mortgage and the home sale will close before they accept an offer. A pre-qualified letter helps to show that you have a high chance of being approved for a mortgage for the amount that you’ve offered on the home. With the letter, you have a greater chance of putting a deposit down and take the home off the market before anyone else. By going through the extra efforts of getting pre-qualified, you can have the confidence to know the house you love is going to be your 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.