Every so often, I speak with a potential client eager to find their dream home, and when I ask them if they have spoken to a lender to get prequalified for a mortgage, they say, "Oh, don't worry, I'm fine!"  It is SO important to get prequalified before you go looking for a home, and here are the XXX reasons why!

Reason To Get Prequalified #1 - You'll find out how much home you can afford!

When you speak with a lender, they will go over your financial picture with you - how much money you make, how much you spend each month on bills, and what your credit score looks like.  All of these will impact how much of a mortgage you will qualify for.

The one thing you DON'T want to do is start looking at homes, find your absolute dream home, and then discover that you can't buy it because you don't qualify for that large of a mortgage.  Don't be heartbroken!  Speak with a lender first and avoid the pain of seeing your dream home slip away!

Reason To Get Prequalified #2 - A good lender can give you ways to qualify for a bigger mortgage!

What if you get prequalified, and you don't qualify for as much of a mortgage as you were hoping?  A good lender can give you ways to improve your situation so you can qualify for more.  These can include paying down high balance credit cards, paying off student loans, and reviewing your revolving credit.

Reason To Get Prequalified #3 - Your lender can make more homes available to you!

You're probably thinking, "What?"  Yes, your lender can make more homes available to you!  Here's how - lenders have different loan programs available that can make different homes available for you to buy.  For example, have you ever seen a home in a neighborhood you love, but the home needs a ton of work?  With a renovation loan, you can get a mortgage for the purchase price of the home, plus money on top of that to fix it up the way you want!  And that means that a slew of homes that previously wouldn't work for you now can!

Reason To Get Prequalified #4 - A prequalification letter is your ticket in!

That's right, getting a prequalification letter is your ticket in to see the homes that interest you!  Homeowners who are selling don't want people coming through their home if they're not sure they are qualified to buy it, and that's why speaking with a lender ahead of time is so important.  Just like you can't get into a movie without a ticket, you can't look at homes without a prequalification.

Reason To Get Prequalified #5 - Buy your dream home before someone else beats you to it!

You've found your dream home!  It's got everything you've been looking for - bedrooms, bathrooms, garage, basement, and yard, and all in a great neighborhood!  But there's a problem - this home is so hot, there are multiple offers on it.  Who do you think is going to get the home?  The buyer who can show they are qualified to buy, or the buyer who hasn't bothered figuring that out yet?  That's right, the home is going to the buyer who's got a prequalification letter!

Not speaking with a lender and getting prequalified is a recipe for disaster!  Speak with a lender before you plan on moving so you can put a plan together and have the best possible experience in buying your new home!  If you have any questions, or if you would like a recommendation of a great lender, call me at 908-705-5110 and I'll be glad to help!  And don't forget you can search for homes here at MoveMeMark.com and be notified as soon as a home meeting your criteria hits the market!  Good luck with your home search!