Should you Consult a Mortgage Expert before you start House Hunting

Untitled DocumentIf you are contemplating Buying a House and are just about to start

searching for your dream home then a crucial piece of advise for you. Get in touch with your mortgage expert. But why do you need him at this stage when you have not even started the search for the house let alone negotiated a price or know how much you may need to borrow?

What can a mortgage expert do for you at such an early stage? What benefit will it accrue you? A mortgage expert can pre-qualify you. When a mortgage professional pre-qualifies you, you can determine how much monthly mortgage payment you can afford to pay. A mortgage company will also tell how much amount will they loan you. A mortgage professional will take in to account your income and debts, your employment/business and other details such as residence details, the funds available with you for down payment of the house and reserves needed. A competent mortgage professional will keep it short, simple with minimum of hassle and paperwork.

Once you qualified by the mortgage professional, you will receive Pre-Qualification Letter (your real estate agent might know it a "pre-qual"), which states that the mortgage professional is assisting you to find the best loan to meet your requirements and that they are confident you'll qualify for a loan for a certain amount.

When you do find a home suitable to your needs and you decide to make an offer, then being pre-qualified will help you in two ways. Firstly, you will know beforehand how much you can offer the seller. Yes, your Real Estate Agent will help you in deciding the best offer but being pre-qual will give you the confidence to know that you can complete the deal.

Secondly, from the point of view of the home seller, you being pre-qualified means that you are more trust worthy and more likely to buy the house. They get confidence that you will qualify for the mortgage to finance the amount you quoted for the home. Thus they are much sure that you are not wasting his/her time. This will make your position to negotiate much better.

To know how much mortgage you can afford you can use calculators available on many sites. But also make sure to meet a mortgage professional for two reasons. Firstly, they will suggest the best mortgage program to suit your needs and secondly, to get a Pre-Qualification letter!

About the Author:

Should you Consult a Mortgage Expert before you start House Hunting

By: Kelly Moore

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