Why Pre-Qualification is Important
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It is helpful to bring in your mortgage professional as soon as possible — even before you've started to research neighborhoods. Why? What can we do for you before you have made an offer, and do not yet know the amount you want to borrow?
We will help determine how much of a mortgage you can afford, and how much money you can borrow, by taking you through pre-qualifying. In this process, we look at your borrowing power - looking at your employment, money available for down payment, debts, income, and other circumstances. It is a quick, thorough process with minimal risks for papercuts.
When you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which says that we are helping you to find the right mortgage to fit your needs and that we're confident you will qualify for a mortgage up to a certain amount.
After you locate the house that catches your eye, and you decide to put together an offer, being pre-qualified for a loan will do several things. First, it helps you know the amount that you're able to offer.
Being pre-qualified also will make your offer look even better to the home seller, like you were bringing them a bag full of cash! They won't have to wonder if they're wasting their time if you do not have the ability to qualify for a big enough mortgage. The seller won't be concerned that he won't be able to trust you to qualify for your mortgage in the amount you will need.Your qualifying for the necessary mortgage loan amount will not cause them concern. They have a virtual guarantee that they can trust your ability to back up your offer.
We help with your pre-qualification
We will help you calculate how much of a mortgage loan you can afford, and how much money you will be able to borrow, by taking you through the pre-qualification process. This process outlines your finances - your debts, income, job, cash available for down payment, among other things. It is a quick, thorough process with minimal risks for papercuts.
One on one
While you are encouraged to benefit from our tools to calculate mortgage variables on our website, it's a good idea to sit down and talk with us. For one thing, you will want a Pre-Qualification Letter! Then, we will make sure we have found the right mortgage loan program for your situation. Let us help you get started: Contact us at 4058873713.
Have questions about pre-qualifying? Call us at 4058873713. It's our job to answer pre-qualification questions, so we're happy to help!