5 Reasons to Get Prequalified for a Mortgage

5 Reasons to Get Prequalified for a Mortgage

If you’re in the market to buy a home in Las Vegas, then you’ll want to act fast to ensure that you’re ahead of the competition! Las Vegas is a rapidly growing city, and that means that there are a ton of buyers in the market for a new home! At Gavish Real Estate, we always want to find the best ways to get our customers into their new home! One of the ways that you can do that is by getting prequalified for a mortgage before you look at homes for sale in Las Vegas.

What are the benefits of getting prequalified for a mortgage loan before you even begin looking at homes?

#1 It Sets Realistic Expectations

When you get prequalified for a loan before the shopping process even begins, it sets realistic expectations for how much home you can actually afford. This will save you a ton of disappointment from finding a home that you love only to later find out that it’s out of your price range.

#2 You Can Still Shop Around For a Loan

If you aren’t happy or satisfied with the amount of money that you’ve been pre-approved for, you can still shop around from lender to lender. This shopping process can take a while on its own, and it’s important to do it before you shop for a home so that you don’t miss out on the property that you want because you haven’t been qualified yet.

#3 Sellers Are More Interested

Being prequalified for a loan is a smart financial decision. When you’re prequalified for a mortgage going into the viewing stage of buying a home, sellers are more inclined to take you seriously when you make an offer. Being prequalified for a loan is like having a seal of approval from the bank saying that you’re good for your money. This means that you will have an edge over other offers who aren’t prequalified for a loan.

#4 You’ll Have Less Closing Paperwork

By the time you find the home that you want and it’s time to sit down with your real estate agent to fill out the paperwork, if you’ve already been prequalified, there will be significantly less paperwork to fill out. It may seem like a small deal, but any time that you can save doing paperwork is a W.

#5 It Helps You Know What You’ll Pay

Finally, knowing how much you have qualified for will give you an idea of how much money you will have to pay when everything is all said and done. There’s nothing worse than going into a deal thinking you’ll pay one number only to find out that you didn’t factor in fees and taxes associated with the sale. Being prequalified will give you a concrete number to go off of when buying your home.