When to Talk to a Mortgage Professional About Pre-Qualifying
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It is important to see a mortgage professional first, even if you haven't decided what type of house you hope to find. Why? When you don't know yet how much house you need to qualify for, what can we do for you?
We will help you determine the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by getting you pre-qualified. We do this by considering your debts and income, your employment and residence situations, your available funds for down payment, required reserves, and other financial considerations. It's a quick, thorough process with minimal risks for papercuts.
After you are considered eligible, we document our confidence in your potential to qualify for a mortgage by awarding you a Pre-Qualification Letter (also called a "pre-qual").
A number of beneifits open to you once you find your new house, and have pre-qualification. First, you have some concrete numbers in mind, as the total you can borrow.
Even more important to the seller of the home, your pre-qualification gives them confidence - as if you'd arrived at their home with a bag of cash to back up the offer! They won't have to wonder if they are wasting their time if you don't have the ability to qualify for a big enough mortgage. 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 the necessary mortgage loan amount will not cause them concern. You have the clout of a buyer ready to make the deal on the spot!
We can help you pre-qualify
We will help you calculate how much of a loan you can qualify for and the monthly payment amount you are able to afford by helping you pre-qualify. In this process, we look at your ability to borrow - reviewing your earning status, available money for down payment, existing debt, income, and other areas. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
While you can try our tools to calculate mortgage variables on our site, it's a good idea to sit down and talk with one of our mortgage professional team members. We can walk you through your pre-qualification letter. For another thing, we might locate a different mortgage choice that is a better fit for you. Let us get you started: Call us at 877-310-6200.
Have questions about pre-qualifying? Call us at 877-310-6200. Mario Vega answers pre-qualifying questions every day.
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