Coldwell Banker Gosslee

The Beauty of a Pre-Qualification Letter


How it can help you during the home search!
Posted: February 12, 2020 by Jessica Wimberly

This is YOUR year and today is the day you take one step closer to your goals of homeownership! (And we could not be more proud of you!)

When setting real estate goals, getting a prequalification letter is one of the first BIG steps that will help make all of the other little steps a bit easier. We want to prepare you as much as possible and teach you that being proactive in this process will only help you reach your goals  faster! (YAY!)

So let’s talk about the beauty of a prequalification letter:

 

1   It Allows You To Know Where You Stand Financially

Being aware of your budget saves you time, but most importantly, respecting that budget saves you from the heart break of falling in love with a home that you cannot afford. (And we never want to see you heartbroken!) The more certain you are of what you can afford, the more efficient your home search will be.

 

2.    It Helps You To Know How Much Money You Need To Stow Away

Once you know the price range that works for your budget, you’ll be able to get a better understanding of exactly what you will need to purchase the home when the time comes.

While many buyers may think that they only need a down payment, there are actually many other expenses during the purchase of a home. You will have title fees, home insurance, taxes, flood insurance (depending on if the property is in a flood plain), closing costs, title insurance, and prepaids items, such as home inspections and appraisals.

When talking with your mortgage lender, they will be able to give you an estimate on those costs we well as the different loan options that may help with some of those incurring costs. There are so many programs for home buyers right now and your lender will set you up with the perfect one for you (and one that will hopefully save you money).

 

3.    It Helps the Sellers Know that You are Serious About Purchasing Their Home

The market is heating up and the last thing you want is to lose out on your dream home because you didn’t have your prequalification letter ready with your offer, while the other buyer did.

Sellers want to see that a Buyer can legitimately purchase their home. Showing proof in the very beginning is the perfect way to show that you are serious and that you are respectful of their time. They LOVE that!


When you are prepared, all the pieces fall in place. Being in "the know" gives you the confidence and knowledge that you need to find (and buy) the home of your dreams. 

Now that you are ready, give us a call and let the house hunting games begin! 

Bossier City Office 318-747-5411
Shreveport Office 318-861-2461

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