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Get Pre-Qualified

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If you want to save the most possible money on your Orlando home purchase, it can be very valuable to get pre-qualified for a loan from a mortgage company or bank. Pre-qualification differs from pre-approval in that a pre-approval is actually only an estimate of your ability to get a loan. Pre-qualification means a prospective homeowner has actually filled out an application and has qualified for a loan amount.

A Few Words About Loan Qualification
You should keep in mind that the amount you pre-qualify for is the maximum a lender will give you toward the purchase of a home. It may not necessarily be the wisest amount you should spend on a home. Many people find themselves “house poor” because they borrowed the maximum to get their home. They may leave no room for improvements, repairs, insurance, taxes, utilities and other property-related expenses. You may be best served to be conservative in the home price-range you are looking into.

How Pre-Qualification Can Help You Save Money
Getting pre-qualified can save you money in your home purchase in several ways. It allows you time to “shop” for the best loan rate. It also adds a lot more weight to any bids you submit to a prospective home seller. When you submit a pre-qualified bid, they know you are not only serious about purchasing their home, but have the financial ability to follow through.  This can give you an edge especially when properties are highly prized and a bidding situation may occur. A seller may accept a lower price from a qualified buyer rather than a pre-approved offer from someone whose bid is predicated on them getting financed.

Looking to Buy a Home in Kissimmee, Orlando or Central Florida?
If you want to get the best value with your Central Florida home purchase, I invite you to contact me. I am a “Flo-Grown” real estate agent and can help first-time home buyers maximize their real estate investment.

If you would like to know more about how I can help you or if you have a subject you would like to see me address in my blog, please contact me!

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Location: 1420 Celebration Blvd #200, Celebration, FL 34747, USA

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