When to Talk to Your Mortgage Professional About Pre-Qualification
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It can be valuable to see a mortgage loan pro first, even if you haven't decided the kind of home you hope to find. What for? How can we help if you haven't made your offer, and don't yet know how much you want to borrow?
Our mortgage professionals can help you determine the loan amount you can qualify for and the mortgage payment amount you are able to afford by getting you pre-qualified. We achieve this by considering your debts and income, your employment and residence circumstances, the available funds for down payment, required reserves, and other financial considerations. It's a short, 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 call it a "pre-qual"), which states that we are helping you to find the best mortgage to meet your situation and that we are confident you will qualify for a loan for up to a certain amount.
Once you locate a house that is ideal for you, and you want to make an offer, being pre-qualified for a mortgage will do several things. First, it lets you know how much you're able to offer.
Your pre-qualification also will make your offer more attractive to the seller, like you were bringing them a big box of cash! They will not need to be concerned that they're wasting their time if you do not have the ability to qualify for a big enough mortgage. The seller won't worry if he can count on you to qualify for your mortgage in the amount you will need.Your qualifying for the necessary loan amount won't cause them concern. They have a virtual guarantee to trust your buying power.
We help with your pre-qualification
We can 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. The process outlines your current financial situation - your debts, income, career, cash available for down payment, among other things. We require a minimum amount of paperwork, and avoid a lengthy process.
Face to Face
You can certainly use the mortgage calculators available on this website to get an idea of how much mortgage you will be able to afford - but it's also essential to talk with us. That way, we'll help you get your pre-qualification letter. Next, we can review your mortgage choices to be sure you have selected the best one. Let us get you started: Call us at (972) 292-0448.
Have questions about pre-qualifying? Call us at (972) 292-0448. It's our job to answer pre-qualification questions, so we're happy to help!