It depends on how well you know your financial standing and how it relates to the guidelines of mortgage financing. Those who have a background in finance would undoubtedly be capable of pre-qualifying themselves without the help of a real estate broker or a loan officer.
Here are some of the benefits you’ll get when pre-qualifying.
1. You will know what your chances are of getting a mortgage loan.
2. You then have a good idea of your purchasing power, and with this knowledge, you’ll know what price range to shop.
3. If you are in a situation where many buyers are competing for the same houses, then a pre-qualification or pre-approval can put the odds in your favor to win over that seller. In other words, if a home-seller is looking at multiple offers, they’ll pick the one that looks best for them. In my years of experience, I’ve seen home-sellers more than once, take a lower-priced offer because that buyer had a stronger financial portfolio.
Tip. Know the difference between pre-qualifying and a loan pre-approval. A loan officer can sit down with you, ask questions about your finances and perform a pre-qualification, or put that information into a unique computer program that will generate your instant loan approval. The loan approval is always going to be subject to certain conditions.
If you’d like to know how to prepare for a meeting with a loan officer or ask questions about the process, we’re here to help you.