Do you need to be Pre-Qualified?

It is frustrating for me and my customers when we are making a cash or a low loan to value offer and agents demand a pre-qualification letter. I have an easy way to satisfy the pre-qualification letter requirement and we can use it in our negotiations. 

Many well qualified buyers prefer to conserve cash and use today's low interest financing. I can point you to local banks that have provided outstanding closing experiences and great rates! If lenders do what they say and close on-time, they go on my Preferred Lender List. Having been a licensed mortgage broker for 15 years, I rate lenders as Good, Better and Best depending on my customer's needs. It is important to fit the lender to the customer's requirements.

Below are some details regarding Pre-Qualification Letters.

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 does not take long 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. Therefore, Sellers give more value to an offer needing a mortgage with a pre-approval letter.

3. More times than not these days, if financing is involved, sellers expect a pre-approval letter. One, it shows them you are serious about buying, so make this the first step towards getting you in your new home. Depending on the situation, we may not need one. Let's talk about it. 

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