Inspire Home Loans Flipbook

P R EQUA L I F I CAT I ON G I V E S YOU A Homebuying Advantage You might have heard it’s important to get prequalified at the beginning of the homebuying process- but what does that really mean, and why is it so important? The answer is that it gives you a better understanding of your budget and what homes you are likely to qualify for. SHOWING THAT YOU’RE A SERIOUS BUYER Prequalification is a great way to understand your price range and how much money you can borrow for your loan. Just as important, being able to present a prequalification letter shows that you’re a qualified buyer and that can make all the difference when trying to land your dream home in a hot market. OUT - COMPETING OTHER BUYERS With limited housing inventory, there are many more active buyers in the market than there are homes available and that means you’re up against stiff competition. According to the National Association of Realtors (NAR) each home on the market receives an average of 5.1 offers. As a result, bidding wars are more and more common. Obtaining your prequalification letter sets you apart as a serious buyer.