I'm Not Prequalified Yet...

[Olivia Radziszewski]

Hello BPers,

I have a few questions regarding prequalification if someone can clarify. I am looking to close on my first deal within the next 6 months. I have found a few good deals and I wanted to go see the properties. I keep hearing that you should be prequalified before you go check them out. So my question is, is that in fact the right way to go about things, wait until I am prequalified?

On another note, can I get prequalified by multiple lenders??? Or once I get prequalified by one lender I cannot go and shop around at the various options I have. 

As well as what if I get prequalified for a certain number and the property is higher or lower than the prequalification number. 

Thank you in advance for your responses!

[Leah Stuever]

If you want a real estate agent to show you properties they will very likely want you to be pre-qualified so that they know they are not wasting their time just showing you around when you have no plans/ability to buy the property you are looking at. 

You can get pre-qualified by multiple lenders. It is not recommended though because they all to hard credit checks which can start effecting your credit. 

If you get prequalified and find a home for less, great. If you find one for more, you would need to find the cash to make up the difference.