In my work as a real estate agent, when I meet with new clients, I prepare them for three phases of home buying: the pre home search, the home search and, finally, being under contract. That initial pre-home-search conversation is important. It covers their goals, our relationship, expectations, and money. And by money, I mean what they have been pre-qualified for.
What is Pre-Qualifying?
What Information is Needed? What Kind of Questions Will I Be Asked?
How Long Does It Take?
What Else Should I Know?
- Get your house in order: In other words, if you have a spouse and you haven't been totally candid about your finances with them, they're about to find out. Better to have that talk privately than in front of the lender. Just know all financial ghosts will be coming out to haunt you.
- The credit report is good for four months. The pre-qualification is good for 30 days.
- Since your credit report is being pulled, try to limit it to one to two lenders for the pull.
- Getting pre-qualified is different from being pre-approved. Pre-qualification relies on the information you tell your lender; pre-qualification verifies all those facts. Pre-approval is better than pre-qualification in the housing market, so ask your lender and let them know if you want to go that far.
When You List with Smoot, You Sell with Smoot