Put the Horse before the Cart!
Yes! When it comes to getting your loan lined up, the sooner, the better!
My team often requires that buyers speak with a lender and secure a prequalification letter before looking at properties. This is a relatively simple process that involves the lender pulling your credit score, reviewing earnings and asset information, and providing a purchase amount that you can comfortably afford.
We do this for two reasons:
- Knowing what you can afford is crucial when choosing neighborhoods and homes. There is a big difference between a $300,000 home and a $250,000 home in the Phoenix metro market. Once we identify your home-buying budget, I can show you the houses that fit your budget and your interests.
- Sellers and listing agents will not entertain an offer unless it is accompanied by a prequalification letter. Simply put, there is no point in taking the property off the market unless there is ample evidence that the buyer can obtain financing for it.
You are always free to work with whatever lender or loan officer you would like but I have come across a few good ones in the past 20 years. If you want to speak with a well respected and qualified lending professional, I would happily refer you. Just let us know how we can help!
