With the way the Denver real estate market has been going, pre-qualification is basically a necessity.
A “Pre-qual” is when a lender takes your information and gives you, and your agent, guidelines for the loan for your home purchase. They take your credit score, your income, tax returns, the amount of debt you currently have, and a ton of other information, put it all together into some of their algorithms and come up with the best possible loan for you to purchase a home.
This will usually include trying to bring together your ideal maximum payment and the price range for the home you want to buy. Other things are decided here as well, like – loan term, interest rate, all of that stuff.
The reason this is so important nowadays is that the market is so heavily favoring sellers. When a seller accepts an offer, they have effectively taken the home off of the market, not allowing anyone else to put in any offers. So it makes sense that a seller would want to know that the offer they are accepting is a legitimate one!
For more questions about pre-qualification or lending in general, feel free to reach out to myself, or my preferred lender, Brandon Wilkinson
People’s Home Equity NMLS #1544441
Office – (720) 575-7483 x1174
Mobile – (727) 515-3839
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