You have already been pre-qualified, right?  So, why is it important to get RE-pre-qualified?

I will tell you.

First, let me explain why the pre-qualification is important and what it means to you.   The pre-qualification says that with interest rates as they are ‘today’ and with your credit score as it is ‘today’ you would be able to purchase a home for ‘this’ dollar amount.  This helps you have a ballpark idea of how much house you can purchase given the scenarios at this time.  What it does not do is guarantee nor lock in an interest rate.  Since rates are not consistent, changing numerous times a week, even several times a day, there is a chance that a rising interest rate could lower the dollar amount you qualify for.   Likewise, a lowering interest rate might mean you can buy more house than you thought (it’s not always bad news!).

In addition, each home has different property taxes and some have Homeowner’s Association dues required, which could affect your total monthly payment.  When you find your dream home and want to put in an offer, it is crucial that you talk to a mortgage Loan Officer to get re-pre-qualified for that specific home at current interest rates.  You don’t want to lose out on any earnest money or waste your time looking at homes that could have a higher monthly payment than you are comfortable with due to rates, property taxes or association dues not considered in your pre-approval.

So, pre-approvals are important before finding your dream home.  Likewise, it’s important to have a qualified and Licensed Mortgage Loan Officer to get re-pre-qualified to make sure you still qualify for that dream home once you have found it.

If you have questions about getting pre-qualified or re-pre-qualified please feel free to give me a call at Source Mortgage at 208-938-2228 or visit our website at www.3rates.com.