Why it's Important to Pre-Qualify
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Even if you have not so much as researched houses to view yet, it is advantageous to see your mortgage loan professional early. What for? How can we help if you haven't negotiated an amount, and do not know yet how much you want to borrow?
Our mortgage professionals will help you find out how much of a loan you can qualify for and the monthly mortgage payment amount you are able to afford by helping you pre-qualify. We accomplish this by analyzing your income and debts, your employment and residence situations, the available funds for a down payment, required reserves, and other financial considerations. We ask for a minimum amount of paperwork, and avoid a lengthy process.
Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which says that we are helping you to find the right mortgage loan to fit your needs and that we are confident you'll qualify for a mortgage loan up to a certain amount.
Once you find the house that is best for you, and you decide to put together an offer, being pre-qualified for a mortgage will do several things. First, you have some general numbers in mind, as the total you will qualify for on your loan.
Even more important to the seller of the home, your pre-qualification letter gives them confidence - as if you'd come into their home with a big box of cash to back up the offer! They won't have to worry that that they have been wasting their time if you won't be able to have the ability to qualify for a high enough mortgage loan. The seller won't be concerned that he can't trust you to qualify for your mortgage in the amount you will need.Your qualifying for the necessary mortgage loan amount won't be something for them to worry about. You have the ability to back up your offer.
We will help you pre-qualify
When we pre-qualify you, we help you figure out how much of a monthly mortgage payment you can afford, and the loan amount you can qualify for. The process outlines your finances - your debt, income, career, cash available for down payment, among other things. It's a short, thorough process with minimal risks for papercuts.
It is vital to sit down and meet with us, even though you are welcome to also try the helpful mortgage calculators on our website. We can walk you through your pre-qualification letter. For another thing, we could be able to find a different mortgage choice that is a better fit for you. We are waiting to meet with you: call us at (800) 288-9693.
Have questions about pre-qualifying? Call us at (800) 288-9693. It's our job to answer pre-qualification questions, so we're happy to help!