Christie's International - Flipbook - Page 40
Step 3
Get Prequali昀椀ed
Prequalification is a great start for understanding your purchasing power, but it’s not the only factor. A
lender may pre-approve you for more than you’re comfortable spending, which is why the budget you
compiled in step two is so important. The opposite can also happen, where you believe you can afford a
certain payment every month, but the bank doesn’t agree. This often happens when you’re new to your
job, have insufficient credit, or have bankruptcies or other financial issues in your history.
You’re not required to stick with this lender when you ultimately finance your purchase, but this process is a
great way to vet mortgage providers. Also, a prequalification letter can make you a more competitive
candidate in multiple-offer situations.
