With so many factors to consider when buying a home, financing should certainly be one of them especially if your client is house hunting in a tight market or wants the process to go as smoothly as possible. Getting your clients pre-qualified for financing is simple, short, and saves a lot of headache down the road.
Here are some reasons why realtors want their buyers to get pre-qualified.
Take the Guesswork Out
When a new buyer approaches you and seeks your assistance in finding the right home, they may or may not be financially set to do so. With that said, you can only go off of their word as far as what they can afford and what they’re willing to put forth for their home purchase.
Pre-qualification takes the guesswork out of the whole situation and gives both you and your buyer firm numbers to work off of and a foundational starting point for shopping. A solid range of credit makes sure you’re starting at the right point and focuses the buyer’s experience where the money is.
Confidence
Getting a buyer pre-qualified boosts both their morale and their confidence during the buying process. If you’re dealing with first time homebuyers especially, then boosting confidence is a major step in getting them in the right home within their budget.
That confidence carries over when it comes time to make an offer on a home. A pre-qualified buyer is as good as a cash-only buyer in that they know exactly what they have at their disposal and can make offers with confidence. With your expertise in real estate, you too can help your client make a rock-solid, confident offer.
The Right Rate
With interest rates fluctuating and seemingly on the rise, getting locked in for the lowest possible interest rate seems like the logical thing to do. With pre-qualification, your buyer could be locked into an interest rate which can give you some hard numbers to play with and further boost confidence in the buying process.
Interest rates can change at the drop of a hat which is why it’s exceedingly important for your clients not to terry when it comes to getting the mortgage process rolling. Get them pre-qualified, locked in, and ready to close.
Close Quickly
Cash buyers are ready to pull the trigger when they find a deal they want and make an offer that can’t be refused, but buyers seeking to finance their purchase can sometimes come unprepared. A pre-qualified client will help expedite the home buying process and close sales more quickly which gives you more time to find the next buyer and increase your commissions.
Getting pre-qualified is simple enough. Most lenders, like Tidewater Mortgage Services, Inc., have easy online applications that help buyers get pre-qualified… This means you can take your hands off of the situation and let the lending professionals of over 20 years handle the money.
You’ll be thankful that your clients are ready to roll the dice instead of trying to pin down the right mortgage product. Tidewater’s expert loan officers can help your buyer find the mortgage product they need in less time.
