So you call me, your realtor and you said, “Cherine, I want to buy a property” and I ask you, “Are you pre-qualified?”
Now you may be wondering what is pre-qualification?
Hey this is Cherine anderson your power realtor with another power tip.
Here are 4 things that you need to know about pre-qualification.
- It is not a loan: A lot of first-time buyers think pre-qualification is actually the loan, but it’s not. Pre-qualification is basically an assessment of your income and your debt to see if you can actually pay back the loan.
- You are not obligated to take the loan from the company that prequalifies you.
Now, I know a lot of lenders will encourage you and sometimes even kinda, you know force you little bit to take the loan from them but hear me, you want to make sure that you are pleased with the service. You also want to ensure that you’re not signing to any kinda crazy terms. Plus you want to make sure you get the best rate, okay.
Remember this is a relationship that you’re gonna be in with this specific institution for another twenty to thirty years.
- Plan for it you, hear me? Plan for it.
Although this is not the loan it’s a great first step. You’ll need to submit stuff like a last three months pay stubs or if you’re self-employed you will need to provide you’re financials. They’ll need things like your NIS, your TRN plus a lot of other documents. But you can find that on the www.mypowerliving.com website.
- Do not lie: You see m face? Don’t tell any lies because this actually jeopardize your chances of actually getting the loan. Remember, when you do the pre-qualification it’s an assessment based on the information that you have provided your lender. So you don’t want them to start processing the loan they got that, you remember that party that you took out a loan for like two, three, four five years ago and you still haven’t payed back?
Yeah, all of those stuff are gonna come up. Student loan that you probably did’nt payback? All of these things come up, okay?