Why Get Pre-Qualified?
1. Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.
2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.
3. These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.
Scott A. Polimeni
Centerpointe Capital Corp.
Centerpointe Lending & Centerpointe Realty
CA Dept of Real Estate #01850493
It's very common for people to start house hunting by simply guessing at how much home they can afford or qualify for. Innocently enough, home buyers spend endless hours on the internet searching for their dream home. You eventually see a few homes that really get your attention and you start driving by these homes and suddenly, you find the home of your dreams, in the perfect neighborhood at exactly the price you thought you could afford. You immediately contact the listing agent and submit your offer. A few hours later you get the best news of your life, the seller accepted your offer! You, your spouse and your kids are all on top of the world, what could possibly go wrong?
This scenario is much more common than you might think. What could go wrong you ask? Quite a bit actually! The two most common upsets occur when the buyers consult with their lenders and find that they either cannot qualify for the loan amount they want, or, the payment, down payment and / or closing costs are more than what they anticipated and can afford.
There's an old saying in Real Estate, "First the loan, then the home!" By working with an experienced and diverse lender like Centerpointe Capital before you start viewing homes, you are ensuring all parties involved that you know exactly how much home you can afford and what the down payment, closing costs and monthly payment are for that amount of home. More importantly to the seller, it verifies that you are qualified to buy the home. In a sellers market, you need every advantage you can get to beat out competing offers!
Take the mystery out of buying by calling, texting or emailing Scott today for your free, no-obligation Pre-Qual and you'll be shopping for your new mountain dream home tomorrow!