Getting Pre-qualified
It is always in your best interest to be pre-approved before you look at a home for many reasons.
1. It places you into the best position possible for negotiating power. A seller will be more apt to work with your offer, knowing you are a ready and willing buyer, than somebody who hasn't done their homework, and not even sure they can obtain financing.
2. You are realistic with yourself. Nothing is worse than looking at a home that is out of your price range unknowingly, then getting prequalified and finding out you only can actually buy a fraction of that cost. The saying "you get what you pay for" is also true in housing.
3. With foreclosures dominating our market, you must be pre-approved to make an offer or bid on any bank owned, corporate owned, or HUD owned property.
Calling any lender and/or banker should be a simple, quick process to getting pre-approved. They will need your income information, employment information and will run a credit check to be able to pre-qualify you so you can start your home buying search immediately. It is typically a very fast process and can sometimes even be done over the telephone. Each lender differs with the amount of information they will need. At a later time they will need additional information once you make full application. It is a great place to start so you can be ahead of the game!