Hunting for a new home? Pre-qualification can be an essential component of your home search. Here’s why.
Mortgage pre-qualification. Why does it matter? Let me see if I can frame it this way…
Has ever happened to you? You’re out with friends and decide to grab dinner. There’s a new place in town you’ve heard is fantastic. Rave reviews, amazing cuisine. Everyone’s excited.
You drive over, pay for parking, and sure enough, there’s a crowd. The atmosphere is perfect, the menu looks incredible. Mouths water, you can’t wait. You step up to put your name on the list and the hostess says:
“Name for your reservation?”
“Reservation? I had no idea they were required!” Awkward apologies. They’re booked and you’re out of luck. Not even a seat at the bar. It’s embarrassing. Your friends are disappointed. So much for your recommendation.
It’s not so different when you’re thinking of buying a home and you haven’t spoken to a mortgage professional in advance. You can search, find the right home, negotiate a contract… then uh-oh. You find out you aren’t qualified.
If you’re thinking about beginning a home search soon, let me help you avoid disappointment. You'll get a picture of your credit score, the type of rate you’d pay, plus get the chance to correct any errors or problems on your credit report. A pre-qualification letter can have a direct impact on your ability to negotiate, too.
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Steve Hill and Sandra Brenner
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Windermere Real Estate
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Washington First Mortgage