Why it's Important to Pre-Qualify
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Even if you haven't narrowed down houses to view yet, it is important to visit with your mortgage professional early. What for? Maybe it's hard to understand how we could help even before you begin to calculate your offer.
When we pre-qualify you, we help you figure out how much of a monthly mortgage payment you can afford, and the loan amount you will qualify for. We do this by considering your income and debts, your employment and housing situations, your funds available for down payment, required reserves, and other financial considerations. It's quick and to the point; We keep the paperwork to a minimum.
When you are determined to be eligible, we document our confidence in your potential to qualify for a mortgage by giving you a Pre-Qualification Letter (also called a "pre-qual").
Power in the Pre-Qual
After you locate the house that is right for you, and you want to put together an offer, being pre-qualified for a mortgage loan will do several things. The first is that you'll be sure what you'll be able to afford when putting together your offer.
Your pre-qualification can also make your offer look even better to the home seller, as if you were bringing them a bag full of cash! They won't need to wonder if they're wasting their time if you won't be able to be able to qualify for a big enough mortgage. The seller of the home won't worry if he can count on you to qualify for your loan.Your qualifying for your needed mortgage loan amount will not be something for them to worry about. You can have the sway of a buyer ready to make the deal on the spot!
We can help you pre-qualify
When we pre-qualify you, we help you figure out the amount you can afford in monthly mortgage payments you can fit in your budget, and how much we of a loan you can qualify for. This process outlines your finances - your debts, income, employment, cash available for down payment, among other things. We require a minimum amount of paperwork, with a quick process.
One on one
You can certainly use the calculators here on our site to calculate how much mortgage you can afford - but it's also important to meet with one of our mortgage professionals. For one thing, you will need a Pre-Qualification Letter! For another thing, we could find a different mortgage choice that better fits your needs. Contact us at 3103737406 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at 3103737406. Riviera Funding NMLS#861382 CA DRE Broker #01186669 answers pre-qualifying questions every day.