Finding a home is an exciting process; although you may want to start looking at homes right away, it is very important to get prequalified first. The last thing you want to do is find a home you like only to find out that you do not qualify to buy it! Looking at homes you cannot afford is a waste of your time. Knowing how much house you can afford in advance will help you narrow down your search criteria to a specific price range.
There are many homes for sale in Colorado Springs and having a specified price range will help guide you to the right home. The prequalification process doesn’t take long and will speed up the loan process when you actually find the house you want to purchase. Many sellers require a pre-qualification or pre-approval letter from the buyer to accompany the contract offer so it is best to get this part of the buying process out of the way in advance.
There is always the chance you may discover that your credit needs work before you can qualify to purchase a home. If that is the case, you will need to take the appropriate measures to fix your credit before moving forward.