Getting Pre-Qualified for a Home Loan

Buyer, Mortgages

You’ve heard the phrase “getting pre-qualified” at some point. It may have even been one of the first questions that came from a Jacksonville Beach real estate agent when you asked about buying a home. Is there really a benefit or reason to discuss loans with a mortgage company when you haven’t looked at even one property yet?

Where’s the Benefit?

First and foremost, you will know what your budget for buying a new home really is. There is nothing worse than seeing a home, falling in love with it only to find that no lender will give you the loan you need for it because of your specific circumstances. This information will also help your realtor to search for homes that you really can afford so that you don’t waste your time and effort looking at properties that are not right for you.

Secondly you will have the time to shop for a lender that meets all your criteria instead of taking who ever jumps first. Often buyers find out about ‘all the small print’ once it is too late to do more than wait for a change to refinance with another company. It’s a frustrating and possibly expensive error to make.

Where to Look for a Lender

Start with your own local bank or credit union. Programs to discount fees and services for current customers can be a good incentive. Like all communities, Jacksonville, Ponte Vedra, and the surrounding counties will have local mortgage brokers, just as they have multiple realtors. A good starting place is either your print or on-line yellow pages.

A mortgage broker is not tied to a single lender but is part of a lending network. There is flexibility with a broker that may be what you need to find the lending package you need. As with realtors, mortgage brokers are all individuals, take time to find someone who gives you the feedback you want and need before deciding.

On-Line versus Brick and Mortar

On-line lenders and lender resources have skyrocketed along with the rest of the web. It can be a good place to start your research. If you are more comfortable with face to face but have found a good match on line, there is no harm in asking if they have a local representative you could meet with. Many do have local brokers or agents who offer the best of both worlds at your convenience.