Shopping For Real Estate? - How To Pre Qualify for that Loan 

By Linda Overstreet

If your in the market for real estate property whether for a home, rental unit as investment etc. you need to have an idea of what price range you can afford without over extending your budget and therefore causing you unnecessary financial stress.

Due to many different factors, including your own financial situation and variations in the qualification guidelines for different mortgages, the easiest way to determine how large a mortgage you can qualify for, is to talk to a mortgage loan officer or consultant.

During the pre-qualification process its usual for a loan officer to analyze your financial situation and to review some of our income documents, this usually takes about 15 minutes.
 

Then the loan officer provides a pre-qualify letter or certificate which shows the maximum loan amount for which you qualify for.  This does not obligate you in any way, it is purely a way to ensure that you are applying for a mortgage loan within your price range.

It is highly recommended that you get pre-qualified before you begin you search for a property because:

•  When you are pre-qualified you have more negotiating power with the seller and can save thousands of dollars as a result of being in a better negotiating situation.
   
• Pre-qualified buyers will be given preference in cases of multiple offers (this is happening a lot today).
   
• Many real estate agents will not begin working with you unless you are pre-qualified.  Your letter tells the agents that you are not wasting their valuable time, since they are commission driven.
   
• The pre-qualification can save you time and trouble by making certain you are looking at the correct properties in your price range.
   
• This service is absolutely 100% free for you so you have nothing to lose and everything to gain by using it.

Remember, the pre-qualification process does not commit you to finance any property.  It is simply a chance for the lending company to market its services to you. 

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