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Home Purchase Tips & Advice

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Six Reasons to Get Pre-Qualified Before Buying Your New Home

By Sheryl Landrum
Home Worth Columnist

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When looking to buy a new house or refinance a mortgage, make sure you are pre-qualified with a trusted loan officer or lender first. This ensures you have all the right information to make the best decision for you and your family.

Listed below are some of the best reasons to pre-qualify for that new home or refinance loan:
  • You determine how much house you can afford. You don't want to find your ideal home and then discover you can't afford it. On the other hand, you might not want to under-buy or under-refinance either.
  • Pre-qualifying helps you to determine what home loan program will best fit your needs.
  • You'll determine your monthly payment early on, allowing you to budget for your new home loan accurately.
  • You will learn what the down payment and closing costs are for your new home or your refinance package.
  • If you are a first time homebuyer or a veteran, you may discover there are special programs available allowing you to buy a more expensive house.
  • Pre-qualifying with a lender will also give you time to prepare for a new home loan. You will need documentation to support your income, liabilities, assets, and work and residential history, and your lender will guide you through the process.
Becoming familiar with the home mortgage process helps you to prepare for home ownership, or for a larger mortgage if you are looking to refinance. When making such a commitment in life, it pays to be prepared. Talk to your lender today to see what your new mortgage should be.

About the Author
Sheryl Landrum is a Senior Loan Officer with First Capital Mortgage of San Diego at the Prudential Realty Office in Bonsall, California.
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