One of the first things I ask prospective buyers is, “Do you have a prequalifying letter from a lender?”
If you’re serious about finding a home, and you’re planning to finance that home purchase, I suggest you meet with a reputable local mortgage broker and get a “prequal” letter.
Prequalifying for a loan is a quick way to calculate how much you may be able to borrow from your lender. The amount of money you can borrow for a home loan is not simply based on your credit score, but also the length of time you have been employed, your income, your debt, how large of a down payment you are able to afford and your overall debt-to-income ratio.
I’ll work hard to find you the best home at the best price that fits your budget, location, and needs. If you are prequalified, I won’t be wasting your time showing you houses that aren’t in your budget. And, when I schedule a showing with the seller’s agent, I won’t be wasting their time by showing a home that you are not qualified to buy.
With a current prequal letter, when we do find that perfect home, you will be a buyer who is fully qualified to make an offer, and I will have the information I need to successfully negotiate on your behalf! Buyers who are preapproved are viewed as “serious” buyers. Without a prequal letter dated in the last 30 days, it is just simply not realistic to attempt to make an offer to buy a home.
I can recommend a lender with whom I work closely, who can give you important info regarding lowest down payments with seller credit options, your max purchase price, payment examples, etc., over the phone – for free. A lender who has a working relationship with your Realtor will be able to keep your loan approval on track and avoid any unnecessary delays at closing.
Please feel free to give me a call at (813) 404-0329 if you have any questions about this process or if you'd like to brainstorm your homebuying options in the Tampa Bay area.