When to Talk to a Mortgage Professional About Pre-Qualification
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It is valuable to see a mortgage loan pro first, even if you haven't settled on what type of home you hope to find. Why? Perhaps it is hard to fathom how we could help even before you begin to calculate your offer.
We will help you calculate how much of a mortgage you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. We do this by analyzing your income and debts, your work and housing situations, your available funds for a down payment, required reserves, and some other things. It's a short, thorough process with minimal risks for papercuts.
Once you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which documents the fact that we are helping you to find the best loan program to fit your situation and that we're confident you will qualify for a mortgage loan for a certain amount.
A number of beneifits open to you when you've found your dream house, and have achieved pre-qualification. The first is that you will know the amount you will be able to afford when determining your offer.
More important to the existing home owner, your pre-qualification is like your having walked into their front door with a suitcase full of cash ready to make the deal! They need not be concerned that they have been wasting their time if you do not have the ability to qualify for a big enough mortgage. The seller won't wonder if he can trust you to qualify for your loan.Your qualifying for the necessary mortgage loan amount will not cause them concern. You have the ability to back your offer up.
We help with your pre-qualification
Our mortgage professionals can help you find out the loan amount you can qualify for and the monthly payment amount you can afford by getting you pre-qualified. This process walks you through your finances - your debts, income, career, cash available for down payment, among other things. It's short and to the point; and we keep the paperwork light.
Face to Face
You can always use the calculators available on this site to calculate the size mortgage you'll be able to afford - but it's also essential to talk with us. For one thing, you'll need a Pre-Qualification Letter! For another thing, we might locate a different mortgage option that is a better fit for you. Let us help you get started: Contact us at 3103737406.
Have questions about pre-qualifying? Call us at 3103737406. It's our job to answer pre-qualification questions, so we're happy to help!