How We See It

Lora Hollins

Lora Hollins

January 17, 2013

Why Getting Pre-Qualified for A Mortgage is Important
By: Lora Hollins, Assistant Vice President / Mortgage Loan Officer

Lenders can provide pre-qualified borrowers with a pre-qualification letter as proof the borrower has gone through the application process.  A pre-qualification letter strengthens a borrower’s position to purchase a home. While it does not guarantee final approval, it satisfies the requirement for Sellers.  You should be aware that Realtors prefer to work with buyers who have been pre-qualified.  Realtor do not want to waste their time and effort showing properties to someone who may or may not get financing.  

Since a pre-qualification does not guarantee you final approval and you might wonder what could go wrong after you've been pre-qualified.  For instance, there may be a problem with the property's Title or you may not get a high enough appraisal.  Also, there is nothing wrong with shopping around but keep in mind that inquiries on your credit repot could cost you your loan.  Things like these examples can keep lenders from making the loan.  Therefore, you want to protect yourself in the contract on getting financing with terms that are satisfactory to you and the lender.

After pre-qualification, your Loan Originator cannot proceed with the loan until you have identified a property.  When you have identified the property you would like to purchase, your Loan Originator and Processor will prepare disclosures that include estimated closing cost and monthly payments and a list of documentation that lender requires for the final approval. 

Just remember, being prepared is one of the smartest things you can do to help the home buying process run smoothly and pre-qualifying is the first step.


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