When to Talk to Your Mortgage Professional About Pre-Qualifying
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It is important to consult with your mortgage professional early — even before you've started to consider neighborhoods. Why? It might be difficult to understand the ways in which we could help even before you start to talk about prices and negotiations.
When we pre-qualify you, we help you figure out how much of a monthly mortgage payment you can fit in your budget, and the loan amount you will qualify for. We can do this by considering your income and debts, your work and residence situations, your funds available for a down payment, required reserves, and some other things. It's quick and to the point; We keep the paperwork light.
After you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), that documents the fact that we are partnering with you to find the best loan program to meet your needs and that we're confident you will qualify for a mortgage loan for up to a certain amount.
Power in the Pre-Qual
When you locate the house that catches your eye, 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 are able to offer.
Even more important to the current owner, your pre-qualification status gives them confidence - as if you'd arrived at their home with a bag of cash to make the offer! They need not wonder if that they're wasting their time if you do not 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 mortgage in the amount you will need.Your qualifying for your needed loan amount won't cause them concern. They have a virtual guarantee that they can trust your buying power.
We will help you with your pre-qualification
We can help you calculate the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by getting you pre-qualified. We do this by reviewing your debts and income, your work and housing situations, the available funds for a down payment, required reserves, and some other things. It's quick and to the point; and we keep the paperwork light.
Face to Face
It's important to sit down and meet with us, even though you are free to also utilize the helpful mortgage calculators on our site. For one thing, you will want a Pre-Qualification Letter! Next, we can review your loan choices to make sure you have chosen the right one. We're waiting to hear from you: call us at (800) 299-0270.
Have questions about pre-qualifying? Call us at (800) 299-0270. We answer pre-qualification questions every day.