Why it's Important to Pre-Qualify
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It is helpful to consult with your mortgage professional early — even before you have started narrowing down neighborhoods. What for? How can we help you if you have not negotiated a purchase amount, and don't know yet the amount you need to borrow?
When we pre-qualify you, we help you find out how much of a monthly mortgage payment you can afford, and the loan amount you will qualify for. This process takes you through your current financial situation - your debt, income, career, and cash available for down payment, among other things. We ask for a minimum amount of paperwork, with a short,basic process.
Once you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), which 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 loan for up to a specific amount.
Power in the Pre-Qual
Holding your pre-qualification letter, a number of advantages are yours once you locate the house you want to make an offer on. First, it lets you know the amount that you're able to offer.
Even more important to the seller, your pre-qualification letter gives them confidence - as if you'd come into their house with a suitcase of cash to make the offer! They won't need to be concerned they're wasting their time if you don't be able to qualify for a big enough mortgage loan. The seller of the home won't be concerned that he can't trust you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed mortgage loan amount won't be something for them to be concerned about. They have a virtual guarantee to trust your ability to back up your offer.
We will help you with your pre-qualification
We will help determine how much of a mortgage loan you can afford, and how much money you will be able to borrow, by walking you through pre-qualifying. We achieve this by considering your income and debts, your work and residence situations, the funds available for down payment, required reserves, and other financial considerations. It's quick and to the point; and we keep the paperwork light.
Face to Face
It's important to sit down and talk with us, even though you are free to also try the helpful mortgage calculator tools on this site. For one thing, you'll want a Pre-Qualification Letter! Next, we can consider your mortgage program choices to be sure you are in the right one. Contact us at 719-425-2226 to get started.
Have questions about pre-qualifying? Call us at 719-425-2226. It's our job to answer pre-qualification questions, so we're happy to help!