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Even if you haven't narrowed down homes to view yet, it's important to visit with your mortgage pro early. Why? If you don't know yet how much home you want to qualify for, how could we help?
We can help determine how much of a mortgage loan you can afford, and how much money you may be able to borrow, by taking you through pre-qualifying. In the process, we look at your borrowing potential - analyzing your job, money available for down payment, debts, income, and other areas. It is a short, thorough process with minimal risks for papercuts.
When you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), which states that we are helping you to find the best loan to fit your financial needs and that we're confident you will qualify for a loan for up to a specific amount.
Power in the Pre-Qual
Some advantages open to you after you've found your next house, and have achieved pre-qualification. First of all, you have some general numbers in mind, as the amount you will qualify for on your loan.
Even more important to the seller of the house, your pre-qualification gives them certainty - as if you had arrived at their home with a suitcase of cash to back up the offer! They won't need to be concerned they are wasting their time if you will not be able to qualify for a big enough mortgage loan. The seller won't be concerned that he won't be able to trust you to qualify for your mortgage in the amount you'll need.Your qualifying for the necessary loan amount will not be something for them to worry about. They have a virtual guarantee that they can trust your buying power.
We can 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 the loan amount you can qualify for. The process leads you through your finances - your debt, income, career, cash available for down payment, among other things. It's quick and basic; and we take pride in keeping the paperwork to a minimum.
Face to Face
You can always use the calculators available on this site to get an idea of how much mortgage you will be able to afford - but it's also valuable to meet with us. We can work toward your pre-qualification letter. Then, we'll make sure we have the best mortgage program for your situation. We are eager to meet with you: contact 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.