The Pre-Qualification process with a mortgage professional also helps the buyer structure the offer on the property. At the suggestion of some experienced mortgage brokers, many home buyers are able to purchase their target properties with less money down by asking the sellers for a concession instead of haggling for a lower price.

In order to be Pre-Qualified you will need to provide your Mortgage Broker with income and asset documentation along with authorization to run a credit report.

By pre-qualifying yourself you're showing the seller both that you're serious about purchasing a home and also that the process with you may be quick and relatively painless. There are sellers that have taken a lower price, simply because it was apparent that pre-qualified borrowers would be an easier sale.

Pre-qualifying before buying a home is not the same as being pre-approved. Pre-qualifying just means that, based on the information you provided, there is a good chance that you will be approved for a mortgage. Becoming pre-approved means that the lender has verified all your credit and income information granting you approval in lieu of you finding an acceptable property to purchase.

Ask your real estate professional if a pre-approval will enable to you carry more buying power.

There is nothing more horrible than finding the home of your dreams only to find out that skeletons hiding in your credit report are preventing you from qualifying for a mortgage.

Getting pre-qualified for your loan prior to shopping for a home is a wise financial decision because you can determine both conservative and aggressive estimates of your maximum purchase price. Many people who choose a home prior to consulting a mortgage professional find themselves emotionally attached to a house they can't really afford. Of course the home buying process is emotional but you shouldn't let feelings dictate your family’s most important investment: your home.

Call me at 888-418-4467 or email me at info@TheMortgageU.com to get pre-qualified today!