There’s no requirement to have a prequalification before shopping for a home, however it’s definitely a good idea to obtain one prior to finding a home you want to purchase.  Having a pre-approval allows someone to know ahead of time what they can afford and what they can expect their monthly payment to be.  They also are able to determine how much of a down payment will be needed and what the closing costs will be.  Furthermore, many realtors take a buyer much more seriously when they have gone down the pre-approval process prior to shopping for a home. 

Last updated on November 16, 2010 by Admin