Why it's Important to Pre-Qualify
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It can be valuable to visit with a mortgage loan pro first, even if you haven't decided what sort of home to search for. What for? It may be difficult to fathom the ways we can help even before you start to negotiate.
We will help you see how much of a mortgage you can afford, and the amount of money you will be able to borrow, by taking you through pre-qualifying. During this process, we explore your capacity to borrow - analyzing your employment, available money for down payment, debt, income, and other circumstances. We will ask for a minimum amount of paperwork, with a quick process.
Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), that documents the fact that we are helping you to find the right loan program to fit your financial needs and that we're confident you'll qualify for a loan for a specific amount.
Power in the Pre-Qual
When you locate a house that is right for you, and you decide to put together an offer, being pre-qualified for a mortgage loan will do several things. First, you have some general numbers in mind, as the total you can borrow.
Even more important to the present owner, your pre-qualification gives them certainty - as if you had arrived at their home with a bag of cash to make the offer! They will not need to wonder if they have been wasting their time if you will not have the ability to qualify for a high enough mortgage. The seller of the home won't be concerned that he won't be able to count on you to qualify for your loan.Your qualifying for the necessary loan amount won't cause them concern. You'll have the clout of a buyer ready to make the purchase right now!
We will help you with your pre-qualification
Our mortgage professionals will help you find out the loan amount you can qualify for and the monthly payment amount you are able to afford by helping you pre-qualify. In this process, we look at your borrowing capacity - reviewing your earning status, available money for down payment, existing debt, income, and other areas. It's short and to the point; and we keep the paperwork light.
Face to Face
It's vital for you to sit down and talk with us, even though you are free to also use the helpful mortgage calculator tools on our website. For one thing, you'll want a Pre-Qualification Letter! Next, we can review your mortgage loan options to make sure you have selected the right one. Let us get you started: Contact us at 3032282254.
Have questions about pre-qualifying? Call us at 3032282254. We answer pre-qualification questions every day.