Why Get Prequalified For A Mortgage Loan?

When buying a property it is often recommended that you get prequalified for a mortgage loan. The purpose of this is to determine how much you can afford and what the amount you can borrow.

The advantage of being prequalified, is that you can move quickly if you find a suitable property. This can be a big advantage in a buoyant property market where there are other interested buyers looking at the same property.

Having a prequalified mortgage loan also indicates to the seller that you are serious and really can afford to buy the property.