Why Pre-Qualification is Important
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It can be valuable to visit with a mortgage loan pro early, even before you've decided what sort of house to look for. Why? If you don't know yet how much home you want to qualify for, how could we help?
We Can Help You Pre-Qualify
When we pre-qualify you, we help you determine the amount in monthly payments you can fit in your budget, and the loan amount you will qualify for. We can do this by considering your income and debts, your work and housing circumstances, the available funds for a down payment, required reserves, and some other things. We will require a minimum amount of paperwork, with a short,basic process.
When you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), which documents the fact that we are partnering with you to find the best mortgage to meet your needs and that we are confident you will qualify for a loan for up to a specific amount.
Several advantages open to you once you have found your next house, and have achieved pre-qualification. First of all, you have some definite numbers in mind, as the amount you will be able to borrow. Even more important to the seller of the house, your pre-qualification status gives them confidence - as if you had entered their house with a big box of cash to back up the offer! They won't have to wonder if that they are wasting their time if you will not have the ability to qualify for a big enough mortgage loan. The seller of the home won't be concerned that he won't be able to trust you to qualify for your mortgage in the amount you'll need.Your qualifying for the necessary mortgage loan amount won't cause them concern. You can have the clout of a buyer ready to make the deal on the spot!
We will help you with your pre-qualification
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 accomplish this by analyzing your debts and income, your employment and housing situations, the funds available for a down payment, required reserves, and some other things. It's quick and to the point; and we keep the paperwork light.
One on one
You can certainly use the calculators here on this site to calculate how much mortgage you'll be able to afford - but it's also essential to talk with us. We can work toward your pre-qualification letter. Then, we will make sure we have found the best mortgage loan program for your situation. Let us help you get started: Contact us at 312-829-1010.