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In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified for a mortgage before starting your search. Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach. 


“It’s highly recommended that you work with your loan originator at Wallick & Volk Mortgage Bankers to get pre-qualified before you begin house hunting. Pre-qualification will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.” One of the many advantages of working with a local real estate professional is that many have relationships with a loan originator at Wallick & Volk who will be able to help you with this process. Once you start working with one of our loan originators, you will need to fill out a loan application and provide us with important information regarding “your credit, debt, work history, down payment and residential history.”  Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:


  1. Capacity: Your current and future ability to make your payments
  2. Capital or cash reserves: The money, savings and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time


Getting pre-qualified is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.


Bottom Line


Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.