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Monday, April 26, 2010

Mortgage Prequalification Means Little When Shopping For a House…

Mortgage pre-qualification (pre-qual) means very little when you are considering buying a new house or condo.  I have talked with many first time buyers through the years who feel the pre-qual they had gotten online was going to give them leverage when negotiating an offer on a house or condo.

The reality is a pre-qualification letter means squat, zilch, nothing to a seller of real estate these days.  

Pre-qualification is based solely on your input with no verification of income, credit history, employment, etc.

You want leverage as a buyer? Get a loan pre-approval before shopping for a house or condo.

When the only remaining detail is to find the house, you have leverage!

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida, serving buyers and sellers in Rockledge, Cocoa, and Viera.  Call me at 321-693-3850 or email me.

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