Why Pre-Qualification is Important
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It is important to consult your mortgage loan professional as soon as possible — even before you've started to consider neighborhoods. What for? If you don't know yet how much home you want to qualify for, what could we do for you?
When we pre-qualify you, we help you find out the amount in monthly mortgage payments you can afford, and the loan amount you can qualify for. During the process, we determine your borrowing capacity - analyzing your employment, money available for down payment, debts, income, and other circumstances. We will ask for a minimum amount of paperwork, with a quick process.
Once you qualify, we give you a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), that states that we are working with you to find the right mortgage loan to fit your financial needs and that we're confident you will qualify for a mortgage loan for up to a specific amount.
Power in the Pre-Qual
When you locate the house that catches your eye, and you decide to put together an offer, being pre-qualified for a mortgage will do several things. First of all, you have some concrete numbers in mind, as the total you will be able to borrow. Your pre-qualification also will make your offer look even better to the home seller, like you were bringing them a big box of cash! They need not wonder if that 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 wonder if he can trust you to qualify for your mortgage in the amount you'll need.Your qualifying for the necessary loan amount will not cause them concern. You have the ability to back your offer up.
We will help you pre-qualify
When we pre-qualify you, we help you figure out the amount you can afford in monthly mortgage payments you can afford, and the loan amount you will qualify for. We achieve this by considering your income and debts, your employment and housing circumstances, your available funds for down payment, required reserves, and some other things. It's a short, thorough process with minimal risks for papercuts.
It's vital for you to sit down and talk with us, even though you are welcome to also try the helpful mortgage calculators on this website. That way, we can help you get your pre-qualification letter. For another thing, we might be able to find a different mortgage option that fits your goals better. Let us get you started: Call us at 719-425-2226.