Posted On: April 19, 2021 by The Peoples Community Bank in: Home Loans
By Stacy Dyreson, Mortgage Lender | 11/19/19
“I’m interested in buying a house. Where do I start?”
A great jumping off point for anyone looking to buy a house, whether you’re a first time home buyer or you’ve been through the buying process before, is getting prequalified. In the current market most realtors will ask for a prequalification letter from your lender before they’ll begin showing you houses. The reason for this is that homes are not staying on the market very long. A prequalification letter shows the realtor that you have the financing in order and can submit an offer quickly. It also gives you an advantage over other prospective buyers because the seller knows that you have financing lined up, making you an attractive buyer.
How do I get prequalified?
Getting prequalified is pretty simple. Start by completing an application and providing us with income information. We pull a credit report to find out what other debt obligations you have. Based on that information we are able to calculate the size of the loan that you are qualified for.
Beyond giving you an advantage in your housing search, getting prequalified also answers two very important questions:
- How much can I afford?
- How much money will I need to close the loan?
Understanding the home price and monthly mortgage payment that you can afford and how much you’ll need for a down payment can save you time and narrow your house hunt.
To get prequalified for your new home, call (800) 795-2151 to schedule an appointment or apply online.
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