Why Pre-Qualification is Important
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Even if you haven't narrowed down homes to view yet, it's valuable to see your mortgage loan professional early. What for? How can we help you if you have not made an offer, and don't yet know how much you want to borrow?
We Can Help You Pre-Qualify
When we pre-qualify you, we help you decide the amount in monthly mortgage payments you can fit in your budget, and the loan amount you will qualify for. We will do this by considering your income and debts, your employment and residence situations, the funds available for a down payment, required reserves, and other financial considerations. It's quick and to the point; We keep the paperwork to a minimum.
After you are considered eligible, we prove our confidence in your potential to qualify for a mortgage loan by giving you a Pre-Qualification Letter (also known as a "pre-qual").
Armed with your pre-qualification letter, a number of advantages fall at your feet at the point you locate the house you want to make an offer for. First of all, you have some concrete numbers in mind, as the amount you will qualify for on your loan.
Even more important to the seller of the home, your pre-qualification status gives them confidence - as if you'd come to their house with a big box of cash to back up the offer! They won't need to worry that that they're wasting their time if you do not have the ability to qualify for a high enough mortgage. The seller won't be concerned that he can't count on 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 can have the sway of a buyer ready to make the purchase on the spot!
We will help you pre-qualify
When we pre-qualify you, we help you find out how much of a monthly payment you can fit in your budget, and the loan amount you will qualify for. This process takes you through your current financial situation - your debt, income, job, cash available for down payment, among other things. It's short and basic; and we take pride in keeping the paperwork light.
One on one
It is important to sit down and meet with us, even though you are welcome to also try the helpful mortgage loan calculators on this website. For one thing, you will need a Pre-Qualification Letter! For another thing, we could locate a different mortgage loan option that better fits your needs. Let us help you get 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!