Prequalify

Before looking for a new home, it is considered great strategy to have a prequalification letter with a set amount attached to that letter. The "Prequal" letter can be used as a bargaining chip. It always looks good to the seller(s) and their representation when they become aware of the buyer's "prequal" letter. They are now more willing to negotiate a purchase price because they feel that they will not be wasting time with someone who is just "looking" and who "may not qualify" for the amount. Also, prequalifying for a predetermined amount will keep your Realtors within your budget. The goal is to own a home- and not become "house poor" in the process. (House poor means that you can pay your mortgage-but little more.)

While "surfing" the web, you may see a lot of sites will offer a free qualifying process. The problem with the "free qualifying" process is that it will show credit inquiries on your credit report. The more credit inquiries you have at a given time, the worse it looks. This is why this site does not have a "pre-qual" form or link. We would rather you talk to a professional who has agreed to accept this site with professional services. If you are looking to prequalify, please contact David DeBowsky at 800-317-7463.