Why should you consult with a Mortgage Professional before House Hunting?
Speaking with a Mortgage Professional before you begin your house hunting is the most important part of the entire process! Prior to making an offer on a house, it is best to know what you qualify for. This process is referred to as the “pre-approval process" and will help in expediting your home purchase. Here at Big Valley Mortgage we will help determine how much you can afford monthly, and how much you can offer on a home. Knowing this information will allow you to house hunt with ease of mind and the confidence knowing your offer will be a valid one.
When Big Valley Mortgage pre-approves you, we will consider your income and debts, your credit history, your employment, your current residence situation, your available funds for down payment (if needed) and your required reserve along with other important items.
Once you have been pre-approved, we will give you, or your Realtor, a “pre-approval letter." This letter will let all Real Estate agents and the seller know Big Valley Mortgage is working with you to place you in the best loan to meet your needs, and that we are confident you’ll qualify for a certain purchase amount.
Not only is it important for you (the buyer) to know you are pre-approved but, you will have clout with the home seller and put them at ease when they accept your offer.
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When you find a house that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through.
More importantly, to a home seller, your being pre-qualified is like you walked into their house with a suitcase full of cash to make the deal! They won’t have to wonder if they’re wasting their time because you’ll never qualify for a mortgage to finance the amount you’re offering for the home. You have the clout of a buyer ready to make the deal right now!