When to Talk to Your Mortgage Professional About Pre-Qualifying
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Even if you haven't so much as researched homes to visit yet, it's advantageous to contact your mortgage pro first. What for? What can we do for you if you haven't negotiated an amount, and do not know yet the amount you need to borrow?
We can help you calculate how much of a mortgage loan you can afford, and the amount of money you can borrow, by taking you through the pre-qualification process. During the process, we look at your borrowing power - reviewing your earning status, money available for down payment, debts, income, and other circumstances. It's a quick, thorough process with minimal risks for papercuts.
After you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), which says that we are partnering with you to find the right loan to meet your needs and that we're confident you will qualify for a mortgage for a certain amount.
Armed with your pre-qualification letter, a number of advantages fall at your feet once you locate the home you want to make an offer for. First, it lets you know the amount that you're able to offer.
Your pre-qualification also will make your offer more attractive to the home seller, like you were bringing them a big box of cash! They will not have to worry that they're wasting their time if you will not have the ability to qualify for a big 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 mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount won't be something for them to worry about. You have the clout of a buyer ready to make the purchase on the spot!
We will help you pre-qualify
When we pre-qualify you, we help you figure out the amount you can afford in monthly mortgage payments you can fit in your budget, and how much we of a loan you can qualify for. We will achieve this by reviewing your income and debts, your employment and housing situations, your funds available for a down payment, required reserves, and other financial considerations. It's quick and basic; and we keep the paperwork light.
While you are encouraged to use our mortgage calculators on this website, it is essential to sit down and talk with one of our mortgage professional team members. We can begin working on your pre-qualification letter. Then, we can make sure we have the best mortgage program for your situation. Let us help you get started: Call us at (303) 228-2254.
Have questions about pre-qualifying? Call us at (303) 228-2254. Firelight Mortgage Consultants answers pre-qualifying questions every day.