Even if you’ve not researched houses to visit yet, it is important to see your mortgage loan professional first. Why? Maybe it is difficult to understand the way we could help even before you start to talk about prices and negotiations.
When we pre-qualify you, we help you decide how much of a monthly mortgage payment you can fit in your budget, and the size of loan you will qualify for.
We can do this by considering your debts and income, your employment and residence circumstances, the available funds for down payment, required reserves, and other financial considerations. It is a short, thorough process with minimal risks for papercuts.
Once you qualify, will give you what’s called a Pre-Qualification Letter (your real estate agent might refer to it as a “pre-qual”), that states that we are helping you to find the ideal mortgage loan program to fit your situation and that we’re confident you’ll qualify for a mortgage for up to a certain amount.
Various benefits open to you when you’ve found your dream house, and have pre-qualification. The first is that you will be sure the amount you will be able to afford when putting together the offer.
Even more important to the seller of the home, your pre-qualification gives them certainty – as if you had entered their home with a bag of cash to make the offer! They need not be concerned that they’re wasting their time if you will not be able to qualify for a big enough mortgage.
The seller of the home won’t wonder if he can count on you to qualify for your loan.Your qualifying for the necessary loan amount won’t cause them concern. You’ll have the sway of a buyer ready to make the purchase right now!
We can help you determine the loan amount you can qualify for and the mortgage payment amount you can afford by helping you pre-qualify. The process takes you through your current financial situation – your debt, income, employment, down payment money, among other things.
We will ask for a minimum amount of paperwork, and avoid a lengthy process.
You can certainly use the calculators on our website to calculate how much mortgage you will be able to afford – but it’s also essential to meet with us. That way, we’ll be able to help you get your pre-qualification letter.
For another thing, we might be able to find a different mortgage option that fits your needs better. Contact us to get your pre-qualification process started.
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