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Getting Prequalified for a Loan

Getting prequalified for a mortgage loan will save you time and not waste other people’s time— and then you will know how much of a loan you can qualify for before you start looking at property.

If you’re bringing in partners to purchase a property, you'll know how much money you can put together and then start selecting property based on that total, plus the partners contribution.

If you don't know how much you can borrow then you don't know who much you'll need from your partners - so as an investor it's key to get pre-qualified for a loan.

No sense looking at a property for a million dollars if you can only qualify for a $300K loan or gather less than what’s required for a down payment of a million dollar home. Stay with in a range of properties or potential investment properties that you feel comfortable with.

It’s also not necessarily the loan you can get but how much you can pay each month on the mortgage (or a tenant will pay), the down payment, insurance, and other unforeseen costs. These are all factors that you'll have to consider, along with consider the risks to if the real estate market goes down or you yourself or one of your partners has trouble financially and will have to back out of the deal or won't be able to pay as much as originally planned.

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