When to Talk to Your Mortgage Professional About Pre-Qualification
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It is valuable to consult your mortgage loan professional early — even before you have begun researching neighborhoods. What for? When you don't yet know how much house you want to qualify for, what can we do for you?
We will help determine how much of a mortgage loan you can afford, and the amount of money you can borrow, by taking you through pre-qualifying. During this process, we calculate your borrowing capacity - reviewing your job, available money for down payment, existing debt, income, and other areas. It is a quick, thorough process with minimal risks for papercuts.
At the point you are considered eligible, we document our confidence in your capacity to qualify for a mortgage loan by presenting you with a Pre-Qualification Letter (also called a "pre-qual").
Power in the Pre-Qual
When you locate the house that is right for you, and you want to make an offer, being pre-qualified for a mortgage will do several things. First of all, you have some definite numbers in mind, as the total you can borrow.
Of greater importance to the current home owner, your pre-qualification is like your having walked into their house with a bag full of money to make the deal! They need not be concerned they are 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 trust you to qualify for your loan.Your qualifying for your needed loan amount will not be something for them to be concerned about. You will have the sway of a buyer ready to make the purchase right now!
We help with your pre-qualification
We will help you calculate how much of a loan you can qualify for and the monthly payment amount you are able to afford by helping you pre-qualify. We accomplish this by reviewing your debts and income, your employment and residence circumstances, the available funds for down payment, required reserves, and some other things. We require a minimum amount of paperwork, and avoid a lengthy process.
One on one
It is important to sit down and meet with us, even though you are welcome to also try the helpful mortgage loan calculators on our site. For one thing, you will need a Pre-Qualification Letter! Then, we can make sure we have chosen the ideal mortgage program for you. Let us get you started: Call us at 2603382561.
Have questions about pre-qualifying? Call us at 2603382561. We answer pre-qualification questions every day.