Jake's Lending Tip of the Week

Are you thinking about buying a home? Even if you are 6-9 month out, you should start the mortgage prequalification process early. Here are some of the reasons why:

·????????It will give you an idea of how much you can afford.?When you prequalify for a mortgage, we review your financial situation, and give you an estimate of how much you can borrow. This will help you narrow down your search to homes that are within your budget.

·????????It will make you a more attractive buyer.?When sellers see that you have been prequalified for a mortgage, they know that you are serious about buying a home. This can give you an edge over other buyers who are not prequalified.

·????????You are prepared in the event rates fall or you find your dream home.?If you wait until you find the perfect home to start the prequalification process, you could end up being unprepared and lose out on the property. By getting prequalified early, you can be ready to make an offer as soon as you find the right home.

·????????It will give you peace of mind.?Knowing how much you can afford, and having a prequalification letter in hand, can give you peace of mind during the homebuying process. You won't have to worry about whether or not you'll be approved for a mortgage, and you'll be able to focus on finding the perfect home.

How early should you start the mortgage prequalification process? It's a good idea to get prequalified at least a few months before you start looking for a home. This will give you enough time to get your finances in order, and prepare yourself for the process. If you have any questions about the?