Getting
Prequalified
If
you want to buy, it makes sense to find out how much you can borrow.
If you get qualified or apply for a loan, you'll know how much
you can afford, you'll strengthen your position as a buyer, and
you'll have a basis to compare different loans and make the best
choice for you, which may mean tremendous savings over the life
of the loan. It also makes sense to secure a lender's commitment
as soon as you know that you want to buy - especially in a hot
market, when houses are selling fast.
Find
out how much you can really afford. You may be
able to afford more than you thought, and you'll know what all
your costs will be so you can stay within your budget.
Make
yourself a stronger buyer. You have an advantage as a qualified
buyer, because the seller knows you can get the loan and close
the deal, they will consider your offer more seriously.