To Pre-Qualify or Not To Pre-Qualify

by Loreena Yeo on April 10, 2013

To Pre-Qualify or Not to Pre-Qualify?

That is a question that many buyers had asked us when we first meet with them. Some people were so secretive about it that  they might lie about it or try to give reasons why they don’t want to. The most common reason why consumer do not want to get pre-qualify is that they don’t want to drop their credit score. Every time someone pulls your credit score will drop by a few points.

You SHOULD get pre-qualify.Why? Here are the reasons:

  1. You want to know how much you can AFFORD. You don’t want to buy something you can’t afford.
  2. Be ready! When you find that perfect home for your family, you want to have all your documents ready when you submit an offer. Having all your ducks in the row shows that you are serious and changes for you to get the house will be higher.
  3. Pulling your credit score when getting pre-qualify early in the game will help to make sure that there are no surprises. The credit report will have all you debtors, pass or present. If there is any disputes, you want to get them corrected early. Sometimes, having this corrected will help to increase your credit score.

When you are shopping for a lender, make sure you find a trustworthy lender who can help to evaluate your situation.

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