Why it's Important to Pre-Qualify
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It's important to see a mortgage professional first, even if you haven't decided what sort of house to search for. What for? When you don't know yet how much house you need to qualify for, how can we help?
We can help you find out the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by helping you pre-qualify. During the process, we look at your borrowing potential - reviewing your employment, money available for down payment, debts, income, and other areas. We will require a minimum amount of paperwork, and avoid a lengthy process.
After you are considered eligible, we will prove our confidence in your potential to qualify for a loan by giving you a Pre-Qualification Letter (also called a "pre-qual").
Power in the Pre-Qual
Holding your pre-qualification letter, a number of advantages are yours when you find the house you want to put together an offer on. The first is that you'll be sure the amount you will be able to afford when calculating the offer.
Of greater importance to the existing home owner, your pre-qualification is like your having walked into their house with a suitcase full of money to purchase their home! They need not worry that they are wasting their time if you do not have the ability to qualify for a high enough mortgage loan. The seller won't worry if he can count on you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed mortgage loan amount won't cause them concern. You have the ability to back your offer up.
We will help you with your pre-qualification
When we pre-qualify you, we help you decide how much of a monthly mortgage payment you can afford, and the loan amount you can qualify for. In the process, we determine your ability to borrow - analyzing your employment, available money for down payment, debt, income, and other circumstances. It's a quick, thorough process with minimal risks for papercuts.
Face to Face
You can certainly use the calculators available on our website to get an idea of how much mortgage you'll be able to afford - but it's also important to meet with one of our mortgage professionals. For one thing, you'll need a Pre-Qualification Letter! Next, we can review your mortgage program choices and make sure you have chosen the right one. We are waiting to meet with you: contact us at (260) 338-2561.
Have questions about pre-qualifying? Call us at (260) 338-2561. VSI Home Lending answers pre-qualifying questions every day.