The Importance of Pre-Qualification
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It is helpful to visit with a mortgage professional early, even if you haven't settled on what type of home to search for. What for? When you don't know yet how much home you want to qualify for, how could we help?
We will help you calculate how much of a mortgage you can afford, and the amount of money you may be able to borrow, by walking you through pre-qualifying. In the process, we calculate your borrowing capacity - reviewing your job, available money for down payment, debts, income, and other circumstances. We ask for a minimum amount of paperwork, with a quick process.
After you are considered eligible, we will prove our confidence in your capacity to qualify for a loan by awarding you a Pre-Qualification Letter (also known as a "pre-qual").
Armed with your pre-qualification letter, several advantages are yours when you locate the home you want to make an offer on. First of all, you have some concrete numbers in mind, as the total you will qualify for with your loan.
More important to the current home owner, your being pre-qualified is like your having walked into their house with a bag full of cash ready to make the deal! They will not have to wonder if that they have been wasting their time if you won't be able to 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 cause them concern. They have a virtual guarantee that they can trust your buying power.
We can help you pre-qualify
We can help determine how much of a mortgage you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. We accomplish this by reviewing your income and debts, your employment and housing situations, your funds available for down payment, required reserves, and some other things. It's quick and basic; and we keep the paperwork light.
Face to Face
You can certainly use the mortgage calculators here on our website to get an idea of how much mortgage you'll be able to afford - but it's also important to talk with us. That way, we will be able to help you get your pre-qualification letter. For another thing, we may find a different mortgage option that fits your goals better. Let us help you get started: Contact us at (888) 299-4585.
Have questions about pre-qualifying? Call us at (888) 299-4585. Back Bay Funding answers pre-qualifying questions every day.