Five Reasons to Get Pre-Qualified in Dallas

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Today I have Chris Pedison with First Choice Loan Services. He has been in the industry since 2006 and he is a production manager. Chris has closed hundreds of loans for us, and we always recommend him to our clients.

Chris recommends that all buyers get a pre-qualification, and this is true for many different reasons.

1. Most sellers won’t even entertain an offer without a pre-qualification. If you can’t prove that you can afford the home, you won’t win over many sellers.
2. After you have been pre-qualified, you can get a good idea of what type of home you will be able to afford. When you know your price range, your home search becomes much easier. You’ll be happy not wasting time on a home that you cannot afford.
3. Make sure you use a reputable lender when you get a pre-qualification. This will make your letter of pre-qualification very strong in the eyes of a seller.
4. It’s also best to get pre-qualified right at the beginning of your home search process. This way, you don’t waste time when you’ve found the home you want. Chris has seen buyers lose their dream homes because they weren’t proactive and didn’t get prequalified beforehand.
5. Chris recommends upgrading your pre-qualification to a pre-approval. This is a much stronger statement than a pre-qualification because it requires a lender to provide a commitment for a loan. It takes longer, but it will put you on the same level as a cash buyer.

The moral of this story is that if you’re wanting to buy in Dallas, you absolutely have to be pre-qualified. If you need help with this, please don’t hesitate to contact Chris or myself.

Also, if you have any questions, we would love to answer them via this video blog. Please don’t be shy - there’s no such thing as a bad question!

We look forward to hearing from you!