It is helpful to visit with a mortgage professional early, even if you haven’t settled on the sort of home to look for. What for? It might be hard to understand how we could help even before you start to talk about prices and negotiations.
When we pre-qualify you, we help you figure out the amount in monthly payments you can fit in your budget, and how much we of a loan you will qualify for. We will accomplish this by considering your debts and income, your employment and housing situations, the funds available for down payment, required reserves, and other financial considerations. We ask for a minimum amount of paperwork, with a short,basic process.
Once you qualify, will give you what’s called a Pre-Qualification Letter (your real estate agent may refer to it as a “pre-qual”), that states that we are working with you to find the right mortgage to fit your needs and that we are confident you will qualify for a loan for up to a certain amount.
Power in the Pre-Qual
Various benefits open to you when you’ve found your next house, and have achieved pre-qualification power. First, it helps you know the amount that you are able to offer. Even more important to the current owner, your pre-qualification letter gives them certainty – as if you had arrived at their home with a suitcase of cash to make the offer! They won’t have to worry that they’re wasting their time if you will not be able to qualify for a big enough mortgage loan. The seller of the home won’t wonder if he can count on you to qualify for your loan. Your qualifying for your needed mortgage loan amount won’t be something for them to fret over. You have the capability to back up your offer.
We help with your pre-qualification
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. This process walks you through your finances – your debts, income, job, cash available for down payment, among other things. It’s quick and basic; and we keep the paperwork to a minimum.
One on one
While you can benefit from our mortgage calculators on our site, it’s essential to meet with one of our mortgage professional team members. We can work toward your pre-qualification letter. For another thing, we could find a different mortgage program that fits your situation better. Let us help you get started: Contact us