6 Benefits of Getting Prequalified
Some people peruse social media, binge watch shows or fall into a black hole of funny online videos. Those are just a few ways to kill some free time. However, if you’re interested in buying a home, you’ve probably traded in those time-wasting tactics for real estate apps and virtual home tours — it’s now all about finding what you want in a dream home.
BUT, before you start visiting open houses and get more serious about your home search, the first step is to get prequalified1 for a home loan. That means providing information on your credit, income, assets and debts to a lender to get an accurate estimate of what is within your budget.
And the best part is, it’s free.
Here are the perks of getting prequalified:
Prequalification is a smart move, but the most secure step you can take is obtaining conditional approval. The difference between the two is simple — prequalification is based on a “review” of your income, credit and debt information while preapproval2 signifies all provided information is conditionally “verified” or “approved.”
Even though preapproval takes longer to obtain, it permits even greater bargaining power because sellers know your offer will likely close without trouble or delay. It also absorbs some of the hassle that comes with closing — less paperwork and the loan will close much faster!
Get your home loan lesson plan
While it may start with an email address, our goal is to secure you a new home address. It’s simple with your personalized Lesson Plan. Every step of your journey is covered so you know what to expect, when to expect it and are always up to date. It’s the perfect place to get started.