Get PrequalifiedThe first step you need to take in purchasing a home is to get pre-qualified for a loan. There’s nothing more upsetting than finding the home of your dreams, thinking you can afford it, but lose the opportunity to buy it because of your inability to acquire a loan.
Getting pre-qualified is easy. All you have to do is talk with an experienced loan officer. They will ask you pertinent questions about your income, debt and expenses. Based off of the information you tell them, they can estimate the top end of the loan amount you could potentially qualify for. Armed with this information, you can feel assured that when it comes time to close, you will not have troubles funding the loan.
As a word of caution, getting pre-qualified is different from getting pre-approved for a loan. While a pre-qualification is based merely off of the information you provide the loan officer, a pre-approval is based off of tax records, credit scores and earnings receipts.
In the first stages of getting a loan, you want to get pre-qualified because getting pre-approved can potentially affect your credit score. This may be wasteful if you end up purchasing the home much later as a pre-approval is only viable for a certain amount of time. In the past, this time span was about three months. The market is currently shifting and you should consult a professional loan officer who understands today’s credit trends.
If you’d like a recommendation for an experienced loan officer, contact us and we’ll be happy to make a referral.
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