If you’re just starting the home buying process or even thinking about it, you’ve probably heard the term pre-qualified. “Ugh, another thing I have to do.” Trust us, it’s worth it.
“What does getting Pre-qualified mean?”
Getting prequalified is something you can do with a lender, over the phone, in under an hour. It will provide you with the vital information of “how much home” you can qualify for in your current financial state. According to Nerd Wallet, your lender will take into consideration income, debt, credit history, and savings. After looking at this information, your lender can provide you with your Pre-qualification form that will look like this.
“How is it helpful in my home search?”
Everyone wants to find the perfect home for them. That process can take some time. Having an understanding of what you can and cannot afford can streamline your process by making sure you’re looking at homes that fall within your budget.
“What about making an offer?”
Whether your searching in a buyer’s market or a seller’s market, submitting this form with your offer shows to the seller that you can afford the home. Plus, the Arizona Association of Realtors® purchase contract requires it’s delivery with the offer. So why not get it now? That way you’re prepared to make a competitive offer if the perfect home in Flagstaff comes along.