Why is it important to have a strong pre-qualification prior to getting out there and really looking for a new home?
Chances are once you find your favorite property, it will also be somebody else’s favorite as well. It is crucial that you have gone through the process of providing full documentation to a lender so that when the moment comes that you find your favorite home, you are ready to buy. You need to be pre-qualified because there is a shortage of inventory, and if you found the right place, you don’t want to let it get away.
Also, pre-qualification is important because you want to make sure you are being competitive. If listing agents are seeing multiple offers for their homes and yours is lacking certain documentation, such as W-2s, it is going to raise some questions. Since inventory is low and multiple offers are likely, it will cut certain offers out of the running quickly.
The biggest reason you want to be pre-qualified is that you are instilling confidence in the seller. This can be as simple as having your local mortgage and finance expert reach out and introduce themselves and talk about you as a buyer and a person.
If you have any further questions about this or any other real estate questions, please contact me by phone or email. I would be happy to speak with you soon.