Prequalification For A Mortgage - How Important Is It?
Buying a house can cause unknown jitters in you
. You will have sleepless nights because of some questions in your mind which you could not find answers for. And surely, these mind boggling issues pertain to your first house purchase.
You are in a deep quandary as to how much would you be able to loan? Would this amount be enough for the dream house? How long would the loan processing take? Will your money on hand be enough for the down payment and initial incidental expenses? So - time to get yourself off these problems. Your real estate agent can give you answers so you do not need to get worried and anxious.
The answers to your questions are all in the supposedly initial step to home buying. This is called the prequalification for a mortgage.
Uses of the prequalification for mortgage
*You will be informed of the price range of the house. Of course you have to tell the agent you location preference.
*You will be asked how much money you have for down payment and you will know if this is enough. Should your budget be more than the minimum down payment, you will be advised on the advantages of bigger amount of down payment.
*You will be given computation of the monthly amortization that you qualify for.
*You will be informed of the price of the home the lending institution is willing to loan to you.
How can you avail of this prequalification privilege?
To be able to get all these information and to get your mind off your silent worries, there is only one requirement from you. This is to accomplish the realtor's questionnaire as honestly as you can. Make your answer correct and factual because the information you will supply in the questionnaire will be the basis of the data the realtor will give back to you.
This service will be rendered to you by your trusted real estate agent without any cost - it is free and without any attachments. The agent will not require you to buy from him or her. So why not grab the offer?
If you are contemplating on buying your first home, you surely worry regarding a number of factors relevant to the purchase, especially when it is to be acquired through mortgage. If acquisition is cash basis, you have no problem. But even if it is through loan facility, information can be supplied in advance to you by the broker, without any cost and obligation.