Real Estate

Avoid Disappointment by Being Prequalified

Why is being prequalified such a big deal?

When we ask for a prequalification letter, it’s not because we don’t want to work with you if you don’t have one.

We don’t want you to be disappointed and we don’t want to waste your time. If you start by looking at homes and then don’t qualify for a loan in that price range, you’ll be discouraged.

Prequalification is Smart

Getting prequalified first is smart for several reasons.

1. The prequalification process lets you know of credit issues up front. Sometimes buyers don’t even know there are issues on their credit report. Those issues can sometimes prevent or delay your home purchase. Many lenders will work with you on those issues to create a plan to fix them.

2. Prequalification gives you a budget. It’s very discouraging to find your dream home and then find out you don’t qualify for a mortgage for that home’s price. Your lender will walk you through a loan estimate that breaks down costs associated with the loan. This helps you budget accordingly and also helps prevent surprises.

3. A prequalification letter lets your agent submit qualified offers. This lets the seller know you’re serious and able to follow through on the sale of the home.

Where Do You Start to Get Prequalified?

Start with a real estate agent, preferably someone local who knows the market area. A good local agent will put you in touch with local, trusted lenders who can get you started on your prequalification.

And if you happen to be looking in the southern Brazoria County area of Texas, message me and I’ll connect you with lenders who can get you started on your home buying journey today!

You can find me and more things real estate on Instagram at Linda Goff – REALTOR® (@whereweabide) • Instagram photos and videos