When to Talk to Your Mortgage Pro About Pre-Qualification
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It's helpful to bring in your mortgage loan professional early — even before you've started to consider neighborhoods. Why? If you don't yet know how much home you want to qualify for, what could we help you with?
Our mortgage professionals will help you calculate how much of a loan you can qualify for and the monthly payment amount you can afford by helping you pre-qualify. We will accomplish this by considering your debts and income, your employment and residence situations, your funds available for down payment, required reserves, and some other things. We require a minimum amount of paperwork, with a quick process.
Once you qualify, we give you a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), that documents the fact that we are working with you to find the right mortgage to meet your needs and that we are confident you will qualify for a mortgage loan for up to a specific amount.
Holding your pre-qualification letter, some advantages fall at your feet once you find the house you want to put together an offer for. First, it lets you know how much you can offer.
More important to the seller, your pre-qualification is like your having entered their house with a suitcase full of cash ready to purchase the home! They will not need to be concerned that they are wasting their time if you won't be able to be able to qualify for a high enough mortgage loan. The seller of the home won't be concerned that he won't be able to trust you to qualify for your loan.Your qualifying for your needed mortgage loan amount will not cause them concern. They have a virtual guarantee to trust your ability to back up your offer.
We can help you pre-qualify
When we pre-qualify you, we help you find out the amount you can afford in mortgage payments you can afford, and the loan amount you will qualify for. We can do this by considering your income and debts, your employment and housing situations, your funds available for a down payment, required reserves, and some other things. It is a quick, thorough process with minimal risks for papercuts.
One on one
You can certainly use the calculators on this site to calculate the size mortgage you will be able to afford - but it's also essential to talk with us. That way, we'll help you get your pre-qualification letter. For another thing, we could locate a different mortgage option that is a better fit for you. Let us help you get started: Contact us at (260) 338-2561.
Have questions about pre-qualifying? Call us at (260) 338-2561. We answer pre-qualification questions every day.