By getting a buying package before looking for a home, you’ll save yourself time, energy and frustration because it:
- Determines home much home you can afford. Pre-qualification helps you avoid buying less home than you can afford or being disappointed if you don’t qualify for as much as you had hoped.
- Shows what your down payment will be. You’ll know approximately how much money you’ll need for down payment and closing costs.
- Let’s you know what your monthly payment will be. You’ll have a general idea of what your monthly principal, interest, taxes and insurance payment will be.
- Identifies the loan programs you qualify for. With the wide variety of loan programs available, it’s important to know which types you qualify for and which will best suit your needs.