Why Go through the Mortgage Prequalifying Process?
In most cases, the mortgage prequalifying process is free, so there is no associated financial penalty. In addition, one can save thousands when negotiating the purchase of a home if he or she has a prequalification letter. Not to mention that any potential buyer with a prequalification letter will receive preference over those who do not. Simply put, there is a lot less paperwork involved for the seller if he or she is dealing with someone who has already gone through the prequalification process. Lastly, the parameters used during prequalification will help ensure that potential homebuyers stay well within their budget. There’s nothing worse than purchasing a house that one can’t afford.
