DFW area REALTORS® should have their clients get pre-qualified prior to searching for homes. Pre-qualification is considered the ‘dry run’ of the loan application process. The qualified mortgage amount will depend on credit information, income, assets and debts. The process only takes a few minutes to complete.
Pre-qualifications with lenders are non-binding. The full loan application will take place once an offer has been submitted on a home. Getting pre-qualified serves as a good indication to the sellers whether you’re likely to get approved for the full loan.
With the real estate market so hot right now, many sellers won’t consider a buyer’s offer without the pre-qualification letter. If you’re getting serious about buying a home, contacting a preferred mortgage vendor is the first step in the home-buying process.