Before you show up to your first open house or try to schedule your first showing, the absolute first thing you need to do when looking to buy a house is to get pre-qualified for your mortgage. It’s even worth going through and making sure you’re bringing your pre-qualification letter to your first meeting with your realtor! When it comes down to it, this pre-qualification is going to be the biggest factor in whether your house hunting adventures end in success or utter failure. 

What is Pre-qualification?

Pre-qualification is a step behind pre-approval when it comes to mortgage terms. It doesn’t require a hard check on your credit, and is still very much a conditional thing. Pre-qualification gives the lender and borrower a general idea of your credit worthiness, and helps guide you the rest of the way through the house hunting and mortgage process. 

While getting prequalified is one of the biggest and most important tips for new homebuyers, it’s not the only one. Check out our guide to the top ten home buying tips you absolutely need to know!

Pre-qualification shows you’re serious

Prequalifying before you submit an offer on a house shows the buyers that you’re serious and that you’re making this offer with high expectations that you’re going to be able to get the mortgage to purchase the home. 

Pre-qualification gives you a budget 

While there is a lot of research you can do to give yourself what you can afford to spend on your house, going through the prequalification process gives you a much harder budget on what you are able to borrow. 

Not getting prequalified before going house hunting is one of the biggest regrets prospective homeowners have faced, what else did they wish they knew before their hunt began?

Pre-qualification saves you time

Getting prequalified for your mortgage saves you time, both when it comes to getting your offer accepted, but in actually getting approved for the mortgage itself. Starting out prequalified helps move from pre-approval, to approval, to homeownership faster than if you hadn’t spoken to your lender at all.

Pre-qualification means you’re more likely to need a lawyer…

And that’s a good thing because really it means you’re more likely to buy your dream house! The purchase of any home purchase in Georgia requires a licensed real estate attorney present at closing by law. If you’re taking steps to close on your house in the next 30-60 days give us a call! At Frank B. Pallotta Law we are licensed Real Estate Lawyers with 20 years of experience helping our clients in Georgia navigate the closing process. Reach out to us with your questions. We’re here to help.