When to Talk to a Mortgage Professional About Pre-Qualification
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Even if you haven't so much as picked out homes to visit yet, it's valuable to visit with your mortgage loan professional first. Why? When you don't know yet how much home you need to qualify for, how could we help?
We Can Help You Pre-Qualify
When we pre-qualify you, we help you find out how much of a monthly payment you can fit in your budget, and the loan amount you will qualify for. We achieve this by analyzing your debts and income, your work and residence situations, the funds available for down payment, required reserves, and some other things. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
After you qualify, will present to 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 best mortgage loan program to meet your needs and that we are confident you will qualify for a mortgage for up to a certain amount.
Power in the Pre-Qual
After you locate a house that meets your needs, and you decide to make an offer, being pre-qualified for a loan will do a couple of things. First, it lets you know the amount that you're able to offer.
More important to the existing home owner, your being pre-qualified is like your having entered their house with a bag full of money to purchase their home! They will not need to be concerned that they're wasting their time if you don't have the ability to qualify for a big enough mortgage. The seller of the home won't worry if he can count on you to qualify for your loan.Your qualifying for your needed loan amount will not be something for them to lose sleep over. They have a virtual guarantee that they can trust your ability to back up your offer.
We will help you with your pre-qualification
We can help you determine how much of a loan you can qualify for and the mortgage payment amount you are able to afford by helping you pre-qualify. We achieve this by analyzing your income and debts, your work and residence circumstances, your funds available for down payment, required reserves, and other financial considerations. It is a short, thorough process with minimal risks for papercuts.
One on one
It is important for you to sit down and talk with us, even though you are welcome to also use the helpful mortgage loan calculator tools on our website. That way, we can help you get your pre-qualification letter. Then, we'll make sure we have found the right mortgage program for your situation. We're eager to meet with you: contact us at (800) 974-0509.
Have questions about pre-qualifying? Call us at (800) 974-0509. Savers Home Loans answers pre-qualifying questions every day.