Why Is it Important to Prequalify For a Mortgage? (Video)

Why Is it Important to Prequalify For a Mortgage? (Video Transcription)

Hi. Are you curious about mortgages, the finance process? Maybe you’re thinking about buying a home and you’re not really sure where to start. Well, I’m creating this video because I want to shed some light on that and talk to you about the importance of getting pre-qualified for a loan and what that kind of means. My name is George Bellevel. I’m a realtor with the Head for Home team.

Many people hear about mortgages. They’ve heard the phrase pre-qualification, but they don’t really know what that means. Sometimes people are a little uncertain about starting that process because they know it means they’re going to have to disclose their financial status to somebody that they may not know. It really is the most important part in starting the home buying process because until you know how much home you can qualify for and what the financial picture is going to look like, you really shouldn’t be out looking at homes because it’s really disappointing to look at a house and then find out that you can’t afford it.

As part of our system called the Real Estate Path, which is Plan, Assess, Take Action, Head for Home, the first part of the assessment is to look at how much home you can afford and what that would look like because you may be able to qualify for a $600,000 house, but only be comfortable with the monthly payment for a $400,000 house. There’s a lot of variables in there, and obviously, it’s your decision, it’s your house, it’s your life. So it’s good to know that upfront so that you can make a smart decision.

We’ve helped hundreds of people do this, and we only work with great loan officers. They can walk you through that process so that you can find out exactly what you can qualify for, exactly what your financial situation is. Sometimes you can find out that there may be some dings on your credit or some other things, credit card balances, car loan balances, things that you can manipulate that can increase your credit score and increase your buying power. We would love to talk to you about that. If you could call, text, or email, we can talk more about this because there really is more to it, and we can connect you with somebody that can help you and get you where you want to be so you can end up in the right house right now. You can avoid missing opportunities. You may be able to buy more house than you think, or you may be able to make some modifications and improve your credit and avoid the frustration of finding out down the road that you can’t do what you want and you’re frustrated. We would absolutely love to help you. Like I said, we’ve helped hundreds of people with it, and there’s no pressure. Sometimes you buy, sometimes you don’t. Just give us a call, text, or email, and we’d love to help.

Have a great day. Bye.