Why Pre-Qualification is Important
It is valuable to see a mortgage loan pro first, even before you have determined what sort of home to search for. What for? Perhaps it is difficult to understand the ways we could help even before you start to negotiate.
When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can afford, and the size of loan you will qualify for. In the process, we explore your borrowing power – looking at your earning status, available money for down payment, debt, income, and other circumstances. It’s short and to the point; We take pride in keeping the paperwork light.
When you qualify, will present to you what’s called a Pre-Qualification Letter (your real estate agent may refer to it as a “pre-qual”), that states that we are partnering with you to find the best mortgage loan to meet your situation and that we’re confident you will qualify for a loan for a specific amount.
A number of benefits open to you once you have found your dream house, and have pre-qualification power. First of all, you have some general numbers in mind, as the total you can borrow. Being pre-qualified will also make your offer look even better to the seller, like you were bringing them a big box of cash! They will not have to be concerned that they’re wasting their time if you will not have the ability to qualify for a high 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 won’t be something for them to worry about. You have the influence of a buyer ready to make the purchase right now!
We will help you pre-qualify
When we pre-qualify you, we help you determine the amount you can afford in mortgage payments you can afford, and how much we of a loan you can qualify for. This process takes you through your financial situation – your debts, income, job, down payment money, among other things. It’s a quick, thorough process with minimal risks for papercuts.
While you can use our mortgage calculators on our website, it is a good idea to sit down and talk with us. For one thing, you’ll want a Pre-Qualification Letter! Next, we can study your mortgage program choices to make sure you are in the right one. Contact us at (303) 433-9900 to get started.