Get Prequalified Before You Shop For a Home
Why Get Prequalified?
01 — Gain a Competitive Edge
Many of the most desirable homes or best values get multiple offers. Other buyers may get an offer in ahead of yours. They may even make a cash offer. According to the National Association of Realtors, 28% of homebuyers paid in cash nationwide. A prequalification demonstrates to the seller that you can afford the home, have a lender lined up, and can close on the property quickly. Seller’s agents will often steer a seller toward a buyer with a prequalification. That could give you the edge in a competitive negotiation
02 — Accelerate the Closing Process
We can work with you to pull a loan package together prior to placing an offer on a property. We’ll provide you with a comprehensive list of documentation required and work with you to ensure that everything is in order. That way, when you are ready to submit a final, formal loan application that includes the property address and offer amount, your documentation package is ready to go to help ensure a quick and painless approval and closing process.
03 — Shop Many Lenders with One Application
At Firelight Finance, we work with many lenders, most of whom are wholesale and specialty mortgage lenders not available to the general public. We can shop lenders to find the best rates and fit for your specific needs. And often the rates we can get for you are better than those you’d find at a traditional bank because wholesale and specialty lenders don’t have the same legacy expenses like large networks of bank branches and advertising. Save time and get access to many of the most competitive lenders in the country in one shot!
04 — No Incremental Cost
Getting prequalified does not result in incremental expenses. Mortgage loans include costs for standard services such as credit pulls, title search, processing, appraisal, etc. In getting you prequalified, we would only require the credit pull fee upfront, which you would normally pay for later in the application process regardless. In the vast majority of cases, our brokerage fees are paid for by the lender as well. In the rare exception that this is not the case, we are required by federal law to disclose that to you within 3 days after a formal loan application is submitted.
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