Getting yourself pre-qualified for a mortgage is a relatively simple process. It can be achieved as easily as contacting a loan officer and having them take down some general questions about your income, employment, and monthly expenses.
Once the loan officer has this information from you they will run your credit and and make an estimate of approximately home much money you can afford to borrow at the current interest rates.
After this is done you will get a "prequal letter" that will have this amount indicated on it. Prequal letters are often given to realtors as a a form of good faith because they show that a borrower can in fact afford a house payment of a certain amount.
This way a realtor will know what price range of houses to show a borrower, and they also know that the borrower is working with a loan officer, and thus serious about finding a home.
Another benefit of getting pre-qualified is that it makes you much more desirable to someone who is selling their home. When there are multiple offers on a particular property, a seller will be much more inclined to go with a buyer who has already been pre-qualified, because by having already proved your creditworthiness you are a lesser risk than someone who has not! It makes perfect sense!
So if you are interested in getting prequalified, or if you have any questions about finding a home in the DFW area don't hesitate to CONTACT US and we will do everything we can to make it happen.
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