When to Talk to Your Mortgage Pro About Pre-Qualifying
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Even if you've not so much as narrowed down houses to view yet, it can be valuable to contact your mortgage pro early. What for? When you do not know yet how much house you want to qualify for, what can we help you with?
When we pre-qualify you, we help you figure out the amount in monthly payments you can afford, and how much we of a loan you can qualify for. The process outlines your financial situation - your debt, income, job, and down payment money, among other things. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
At the point you are determined to be eligible, we document our confidence in your capacity to qualify for a mortgage loan by giving you a Pre-Qualification Letter (also called a "pre-qual").
Power in the Pre-Qual
Once you locate the house that meets your needs, and you decide to make an offer, being pre-qualified for a mortgage will do several things. The first is that you can know what you will be able to afford when putting together your offer.
Even more important to the seller of the house, your pre-qualification letter gives them confidence - as if you'd come into their home with a bag of cash to back up the offer! They won't need to be concerned they're wasting their time if you do not be able to qualify for a big enough mortgage. The seller won't be concerned that he can't count on you to qualify for your loan.Your qualifying for the necessary mortgage loan amount will not cause them concern. You have the capability to back your offer up.
We will help you pre-qualify
We can help you determine the loan amount you can qualify for and the monthly payment amount you are able to afford by helping you pre-qualify. During this process, we calculate your borrowing power - reviewing your earning status, money available for down payment, debts, income, and other circumstances. It's short and to the point; and we keep the paperwork to a minimum.
One on one
It is vital to sit down and meet with us, even though you are free to also utilize the helpful mortgage calculators on our site. That way, we will help you get your pre-qualification letter. Next, we can review your loan choices to make sure you have selected the right one. We are eager to hear from you: call us at 2603382561.
Have questions about pre-qualifying? Call us at 2603382561. VSI Home Lending answers pre-qualifying questions every day.