Getting Pre-Approved for a Mortgage

Many clients believe the first steps in the home buying process are to find and decide on their desired location and then find a trustworthy real estate agent that will meet their needs. However, getting pre-approved or prequalified for a mortgage is the smartest and most important first step in the process.  Allow us a moment to explain how getting pre-qualified actually helps you find your dream home.

Our brokerage works with different lending specialists on a daily basis. Working with these specialists helps us build our relationships with you, the client. When you work with a lending specialist to get pre-approval, or pre-qualified, it provides you a great deal of information about your current situation. This information can be used to your advantage when trying to figure out which type of home to look for and eventually make an offer on it. 

The lending specialist helps you understand your current position and explains how much buying power you have. One of the perks for using a lending specialist is they understand the loan products that are being offered in the area where you’re looking. Some products offer different terms, different closing costs, and even different down payment options. When you’re looking to make such a large purchase, you want to make sure that you understand your options; this gives you and the seller a piece of mind.

Once a lending specialist helps you understand your buying power, your real estate agent can help you create the search to find your dream home. Once you’re pre-approved, you and your real estate agent will have a better position when you negotiate the offer.

Finally, a lending specialist helps you understand how to improve your buying power. Sometimes life gets in the way and we have debt that we’re working to pay off. A lending specialist can sometimes offer you advice about which debts to pay off before others. Different lending companies consider debts in different ways. If you are working on paying off debts, there is no need to worry.

At J. King Real Estate, we invite you to begin with the end in mind. Getting a pre-approval letter from a lender can give you the information you need and deserve to have a successful home searching process. Knowing this information, coupled with the right real estate agent, can put you in a great position to buy your new home.

Reach out to us today for a personal referral to a lending specialist and find out how much buying power you hold!