Pre-qualification is the starting point of home financing process. As they say, ‘money attracts money’, therefore, if you are a person with stable income source, have assets or have won good credit score, you are likely to get picked up for home loan on priority. So, ascertaining whether you are eligible for home loan is what pre-qualification process is all about. Listed here are some of the advantages that come with pre-qualification.
- Better filtering of property options: Since pre-qualification determines the purchasing power, you can save time in going through each and every property. Thus, without getting frustrated, you will be able to pick the property that is within your range and thus, you can start the financing process without wasting much time.
- Pre-qualification gives you clear picture of your liability: The process of pre-qualification takes into account your assets, past record of loan repayment, if any, and your credit score. Thus, it gives you firsthand information of what your monthly instalment of loan repayment schedule would be, thereby helping you plan better.
- Very speedy home loan approval: When you are pre-qualified, you can strike the deal the same day when you finalize the property. Thus, you can get loan, and complete the payment process without wasting any time.
- Offers you negotiation power: When you are pre-qualified, you automatically become the favourite of the seller. It is because there are no credit checks required, the loan is available in no time and the deal is likely to get closed without any hiccups. Such ease of deal puts you in strong position, helping you have ground for negotiation. Thus, you may save on the property cost eventually.
So, if you are not pre-qualified, reach the experts at PrimeLending who use approved tools for carrying out the process and provide you correct creditworthiness report in no time.