The Importance of Pre-Qualification
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It can be helpful to visit with a mortgage loan pro early, even if you haven't settled on what type of home you hope to find. Why? Maybe it's hard to understand the ways we can help even before you begin to negotiate.
We Can Help You Pre-Qualify
We can help you calculate how much of a mortgage you can afford, and the amount of money you can borrow, by walking you through the pre-qualification process. In this process, we look at your borrowing power - analyzing your earning status, money available for down payment, debt, income, and other circumstances. We will ask for a minimum amount of paperwork, with a quick process.
At the point you are considered eligible, we document our confidence in your ability to qualify for a loan by awarding you a Pre-Qualification Letter (also known as a "pre-qual").
Armed with your pre-qualification letter, some advantages fall at your feet at the point you find the house you want to put together an offer on. First of all, you have some definite numbers in mind, as the total you will qualify for with your mortgage loan.
Even more important to the seller of the house, your pre-qualification status gives them certainty - as if you had entered their house with a suitcase of cash to make the offer! They will not need to worry that that they are wasting their time if you won't be able to be able to qualify for a high enough mortgage loan. The seller won't wonder if he can count on you to qualify for your loan.Your qualifying for the necessary loan amount will not cause them concern. They have a virtual guarantee to trust your buying power.
We will help you pre-qualify
We can help you calculate how much of a mortgage you can afford, and the amount of money you will be able to borrow, by walking you through the pre-qualification process. We will achieve this by analyzing your income and debts, your work and housing circumstances, the funds available for a down payment, required reserves, and some other things. We will ask for a minimum amount of paperwork, with a short, basic process.
It is important for you to sit down and talk with us, even though you are welcome to also try the helpful mortgage loan calculator tools on this website. We can walk you through your pre-qualification letter. Next, we can review your mortgage program options to be sure you are in the right one. We're eager to hear from you: contact us at (800) 974-0509.
Have questions about pre-qualifying? Call us at (800) 974-0509. We answer pre-qualification questions every day.