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The importance of a pre-qualification letter

I have gathered a list of reasons why you, as a buyer, will be asked to provide a pre-qualification letter before viewing homes.

• Getting financially approved is step ONE.  Would you pay your bills before you get your paycheck? you know....cart before the horse? Jumping the gun?
• Think like a seller.  Your agent calls you. Finally, a showing! Clean, mow the lawn, get kids out of the house, more cleaning. Wait patiently for a feedback call....did they like the house? Is an offer coming?  Sellers have the right to have only serious buyers in their home. Agents have a responsibility to bring a ready, willing and ABLE buyer.
• The mortgage industry is competitive. People who think they have "perfect credit" are getting surprised.  Most lenders are requiring a 720 or higher credit score to start. Your debt to income ratio must be examined along with current financial obligations and past payments. 
• Locked in??? NO...you can choose any lender or mortgage broker when you are ready to purchase the home you fall in love with.  A pre-qual is simply a pre-screening and "fitting" of the right mortgage product, which is also needed by the agent when showing homes (Some homes will not qualify for certain loans)
• Even though you are NOT obligated to use that lender, you also might just get locked in to a great rate. Is that so bad?
• There are three credit reporting agencies.  The score from each of these can vary greatly, based on the information each of them have.  The average of all three is what is used.  These agencies tend to have wrong information....a lot.  Remember that credit card you paid off and closed last year?  Good for you....except it still shows open.  Why does the car loan show default? I've never missed a payment!!  These things need time and attention to be fixed. Start that process now before getting a surprise.
• Go ahead and wait...you might be disappointed.  Lets say you go and view a home or two. You fall in love with one and an offer is written.  Picture yourself getting told by the lender you have to wait due to (fill in the blank here) Then picture another family in "your house"