When to Speak to a Mortgage Pro About Pre-Qualification
In the market for a new mortgage loan? We'll be glad to answer your questions about your mortgage needs! Give us a call today at (800) 974-0509. Ready to begin? Apply Here.
It can be valuable to see a mortgage professional early, even before you have determined what sort of home to search for. Why? What can we do for you before you have negotiated an amount, and don't know yet how much you need to borrow?
When we pre-qualify you, we help you determine how much of a monthly payment you can fit in your budget, and the loan amount you will qualify for. We accomplish this by considering your income and debts, your work and housing circumstances, the funds available for down payment, required reserves, and other financial considerations. We ask for a minimum amount of paperwork, with a quick process.
When you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), which says that we are helping you to find the right loan program to meet your financial needs and that we are confident you'll qualify for a loan up to a certain amount.
Power in the Pre-Qual
Armed with your pre-qualification letter, a number of advantages are yours once you find the house you want to make an offer on. The first is that you can know what you can afford when putting together your offer.
Your pre-qualification can also make your offer more attractive to the home seller, as if you were bringing them a suitcase full of cash! They will not need to wonder if they have been wasting their time if you do not be able to qualify for a high enough mortgage loan. The seller of the home won't be concerned that he can't trust you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount won't cause them concern. You have the influence of a buyer ready to make the purchase right now!
We will help you with your pre-qualification
When we pre-qualify you, we help you decide how much of a monthly payment you can fit in your budget, and how much we of a loan you can qualify for. This process outlines your finances - your debt, income, job, down payment money, among other things. It's a short, thorough process with minimal risks for papercuts.
It is important to sit down and meet with us, even though you are free to also try the helpful mortgage calculator tools on our website. We can begin getting your pre-qualification letter. For another thing, we could locate a different mortgage loan option that better fits your needs. Let us get you started: Contact us at (800) 974-0509.
Have questions about pre-qualifying? Call us at (800) 974-0509. It's our job to answer pre-qualification questions, so we're happy to help!