If you’re toying with the idea of buying a home, it is generally in your best interest to get pre-qualified for a mortgage. Working with a lender to see if you qualify for a mortgage can be an excellent first step to estimate the amount of money you can borrow, and what price range you can afford in a home. Getting an estimate from a lender is not binding, and does not mean you must use them for representation. If you are not satisfied with the quote you receive, you’re encouraged to move on to another bank and shop around until you have an understanding of the best options for you. Getting an estimate is often free of charge, and will help your real estate agent and lender get a better understanding of a good starting point for your home search.
What is used to determine your mortgage pre-qualification? Your finances, including your assets, income credit report, etc, will all be used to assess your rates. Having your pre-qualification in order before you embark on the home search is great in a hot market like Seattle’s, as this will give you a head start from other applicants, and proves to the seller that you are a serious buyer. If you are interested in search for a Seattle area home, contact your local real estate agent today.