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It's important to visit with a mortgage professional first, even before you've determined the kind of home you hope to find. What for? What can we do for you before you have made an offer, and don't yet know how much you need to borrow?
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 can qualify for. We accomplish this by considering your debts and income, your employment and housing circumstances, your 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.
Once you qualify, will present to 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 working with you to find the right loan to meet your needs and that we are confident you will qualify for a mortgage for up to a specific amount.
Power in the Pre-Qual
After you locate the house that is best for you, and you decide to put together an offer, being pre-qualified for a mortgage loan will do several things. First of all, you have some general numbers in mind, as the amount you will be able to borrow.
Having pre-qualification will also make your offer look even better to the seller, like you were bringing them a suitcase full of cash! They won't need to worry that they have been wasting their time if you don't be able to qualify for a big enough mortgage. The seller of the home won't be concerned that he won't be able to trust you to qualify for your loan.Your qualifying for your needed loan amount will not be something for them to fret over. You have the ability to back up your offer.
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 can qualify for. This process walks you through your financial situation - your debts, income, job, down payment money, among other things. It's a short, thorough process with minimal risks for papercuts.
One on one
While you are encouraged to try our tools to calculate mortgage variables on this website, it is a good idea to sit down and talk with us. That way, we will help you get your pre-qualification letter. For another thing, we may be able to locate a different mortgage choice that better fits your needs. Let us help you get started: Call us at 9722920448.
Have questions about pre-qualifying? Call us at 9722920448. Sublime Financial, LLC answers pre-qualifying questions every day.