A reputable lender will always pre-qualify by asking all the right questions(beware of lenders who are over-eager to throw money at you). These questions are designed to help them identify & find clients with the hallmarks of a succcessful candidate. In some ways a candidate may find these questions and enquiries harsh and deeply exploratory.

Remember, reputable lenders are in this business to make money(make no mistake). A good lender wants you to succeed, as well. If you fail, they won't get paid.

1. Use all or part of their PRE-QUALIFICATION scheme to get an outsider's perspective on your business plan. This "outsider" is not a competitor and there has no interest in your failure. They ask you questions that you should be asking yourself (but may have overlooked).

2. Define their ROLE: Lenders are in business to make money. Their interest in your success will be obvious...Eventually.

3. CAVEAT: Do your HOMEWORK! Information about most lending institutions is easily acquired. Know who you are approaching! Be wary of lenders who are easy to qualify with no deep probes. You might want have a professional read the fine print. We're not all financial gurus. Let an expert do the work for you.

4. SHOP AROUND. I don't need to explain this to smart people. Just do it, Shop the best interest rates. Have them compete for your business (but only do so once you have been pre-qualify).

5. FEEL COMFORTABLE: I'm a consumer. Only sign when you feel at comfortable. Don't sign anything on the first visit - NEVER! Come back another day. come back a few times. Get a feel for it. Remember you could be "maried" to this loan for a long time. Don't be swayed by the fancy ties and capuccino machines!

And now, to answer the original question: Is it Essential...?

Hmmm. I once read part of a good book:

"The trick about money is: You've Got To Have Some!"