Why it's Important to Pre-Qualify
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Even if you have not so much as researched houses to visit yet, it can be important to visit with your mortgage loan professional early. What for? Perhaps it's hard to fathom the ways in which we can help even before you begin to calculate your offer.
When we pre-qualify you, we help you determine how much of a monthly payment you can afford, and the loan amount you can qualify for. We achieve this by analyzing your income and debts, your employment and housing situations, the funds available for a down payment, required reserves, and some other things. It's quick and basic; We keep the paperwork to a minimum.
When you are determined to be eligible, we will prove our confidence in your capacity to qualify for a mortgage loan by presenting you with a Pre-Qualification Letter (also called a "pre-qual").
With your pre-qualification letter, several advantages fall at your feet when you find the house you want to put together an offer for. First, you have some definite numbers in mind, as the amount you will qualify for with your mortgage loan.
More important to the existing home owner, your being pre-qualified is like your having entered their front door with a suitcase full of cash ready to purchase their home! They need not be concerned that they have been wasting their time if you do not be able to qualify for a high enough mortgage loan. The seller won't be concerned that he won't be able to count on you to qualify for your loan.Your qualifying for the necessary loan amount won't cause them concern. They have a virtual guarantee that they can trust your ability to back up your offer.
We help with your pre-qualification
When we pre-qualify you, we help you find out how much of a monthly mortgage payment you can fit in your budget, and the loan amount you can qualify for. We can do this by analyzing your income and debts, your employment and housing circumstances, your available funds for down payment, required reserves, and some other things. It's quick and to the point; and we take pride in keeping the paperwork light.
Face to Face
You can certainly use the calculators available on our site to get an idea of how much mortgage you can afford - but it's also valuable to meet with one of our mortgage professionals. For one thing, you will want a Pre-Qualification Letter! For another thing, we could be able to locate a different mortgage option that is a better fit for you. Contact us at (260) 338-2561 to get started.
Have questions about pre-qualifying? Call us at (260) 338-2561. It's our job to answer pre-qualification questions, so we're happy to help!