Why You Should Get PreQualified Before Searching For A Home

Northern Wasatch Association of Realtors Advice

Okay, so you’re ready and eager to buy your first home. Perhaps you’ve already begun to think about what area you want to live in, what features you want in your new home, and are excited to move to a new space. Now you’re ready to hire an agent to help you find your dream, but have you been pre-qualified?

Not sure you need to be pre-approved before hunting for a home? Here are 4 reasons why getting pre-qualified is a smart move.

  1. Streamlines the house hunt. When you’re starting out, many homeowners make the mistake of browsing homes that are out of their price range. Don’t waste your time by looking at homes you’re not able to afford. By getting pre-qualified (or pre-approved), you can go in with the right information to help you find your dream faster.
  1. Set realistic expectations. Another important factor of being pre-approved is that it allows you to be realistic in what you can afford. At the end of the day, there is nothing worse than finding your dream home only to learn is way out of your financial reach.
  1. Show the seller you’re serious. By coming to the table with a letter of pre-approval shows the seller (and real estate agent) that you’re serious about buying a home and aren’t there to waste their time.
  1. Anticipate the closing costs. For many first time homebuyers, the closing costs can take you by surprise, especially, if you haven’t been pre-approved. In some cases, the closing costs and other fees may push you into down in the mortgage bracket. The more information you have going in, the better prepared you’ll be with knowing exactly what you can afford.

Buying a home is a huge investment, but one that is worth every penny. If you’re ready to buy a home, take the time to get pre-qualified before talking to a real estate agent. You’ll be a lot happier that you did.

Ready to move forward in the home buying process? Give us a call today and let us help you find your dream home.