Question Details

Ruth Fargas…, Home Buyer in Rochester, NY

Getting pre-qulified for a mortgage, is it a good Idea?

Asked by Ruth Fargas Jackson, Rochester, NY Thu Mar 29, 2012

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It is a better idea than trying to buy a house and not knowing if you can close the deal.

If I were a Realtor I would not show a house to a prospect unless they had an approval letter from a lender I trusted.

Good luck,
1 vote Thank Flag Link Thu Mar 29, 2012
Hi Ruth. It is an excellent idea to get pre qualified for a mortgage before you start your home search. Most agents will insist this is the first step in the home buying process. Knowing your numbers means that you are informed and ready to make a decision when you incounter the home you been dreaming of. You will know the price, payment, and terms; and can adjust any of them accordingly to what you makes you comfortable in your existing lifestyle budget. Happy home hunting!
0 votes Thank Flag Link Thu Mar 29, 2012
Getting Pre-Approved is the best idea. You findout your buying power, you create better leverage against buyers, who are not pre-approved and with sellers who don't want to "wait and see" if the buyer is able to follow through to close.
0 votes Thank Flag Link Thu Mar 29, 2012
Hi Ruth,

Absolutely! Better yet, get pre-approved, not just pre-qualified. This will allow you to know what price you can afford. Also, in today's market most (if not all) sellers ask for a pre-approval to be submitted with your offer on their property.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Thu Mar 29, 2012
Take a minute to read this about the Pre-Approval process:…
0 votes Thank Flag Link Thu Mar 29, 2012
Absolutley yes. Without being pre-qualified/approved you won't know how much you can really afford and on what terms the lender will lend the money. A pre-approval letter is required once submitting an offer with financing contingency.
0 votes Thank Flag Link Thu Mar 29, 2012
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