The Importance of Pre-Qualifying
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Even if you haven't so much as narrowed down houses to visit yet, it's important to visit with your mortgage loan professional early. What for? When you do not yet know how much home you need to qualify for, how can we help?
We will help you see how much of a mortgage you can afford, and how much money you can borrow, by walking you through pre-qualifying. We will do this by reviewing your debts and income, your employment and residence situations, your available funds for down payment, required reserves, and some other things. We ask for a minimum amount of paperwork, and avoid a lengthy process.
We give you a Pre-Qualification Letter after you qualify, which states that we are confident you'll qualify for a certain amount of mortgage dollars.
Power in the Pre-Qual
Once you find the house that meets your needs, and you want to make an offer, being pre-qualified for a loan will do a couple of things. First, you have some definite numbers in mind, as the total you can borrow. Being pre-qualified also will make your offer more attractive to the home seller, as if you were bringing them a suitcase full of cash! They won't need to worry that they're wasting their time if you won't be able to be able to qualify for a high enough mortgage. The seller of the home won't be concerned that he can't count on you to qualify for your loan.Your qualifying for your needed loan amount won't be something for them to be concerned about. You have the ability to back up your offer.
We can help you pre-qualify
When we pre-qualify you, we help you decide how much of a monthly mortgage payment you can fit in your budget, and the loan amount you will qualify for. In the process, we determine your capacity to borrow - looking at your earning status, available money for down payment, debt, income, and other areas. It's short and basic; and we take pride in keeping the paperwork light.