Securing a mortgage is usually the most stressful part of buying a home, but getting prequalified can take the pressure off. Think of prequalification as a “dry run” of the loan application process, in which the lender uses your financial details to estimate how much mortgage you can afford. Below are just a few of the benefits of getting prequalified before you start house hunting.

4 Benefits of Getting Prequalified

1. Sets a Budget

Knowing how much mortgage you likely qualify for will help you set a firm budget, which will narrow down your options and make house hunting less overwhelming. You’ll also avoid the heartache of falling in love with a house, only to find out later you can’t afford it.

2. Makes Offers More Compelling

Sellers tend to take offers from prequalified buyers more seriously, which is especially important in a competitive real estate market. Even if you offer a little less than another buyer, the sellers might choose yours if you have a prequalification letter in your pocket.

3. Streamlines Buying Process

Minor problems in the mortgage application process can be stressful if you’ve already made an offer on the home. Prequalification gives you the chance to iron out all the wrinkles and get the funding you need as quickly as possible.

4. Avoids Surprises

A prequalification offer isn’t a guarantee that you’ll get a mortgage because the lender still has to verify all your financial information. However, collecting all of your documents in advance and filling out the paperwork will let you know what to expect when you do find the house you’ve been looking for.

If you’re searching for a home anywhere in the St. Louis, MO, area, Dan Main will take the stress out of applying for a mortgage. With over 20 years of experience, you can rely on him to provide great rates, low fees, and a smooth application process from start to finish. Visit his website to learn more about their mortgage programs, get tips and updates on Twitter, or call (636) 284-4144 now to get started today.

Dan Main: NMLS # 502036
Flat Branch Home Loans NMLS # 224149
947 Waterbury Falls Dr
O’Fallon, MO 63368
This is for informational purposes only and not an offer to lend or extend credit.