Why Pre-Qualification is Important
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It is important to see a mortgage professional first, even if you haven't settled on the sort of home you hope to find. What for? How can we help you if you haven't made your offer, and don't know yet how much you want to borrow?
When we pre-qualify you, we help you determine how much of a monthly payment you can fit in your budget, and how much we of a loan you will qualify for. During this process, we calculate your capacity to borrow - analyzing your employment, available money for down payment, debts, income, and other circumstances. We will require a minimum amount of paperwork, with a short,basic process.
At the point you are considered eligible, we prove our confidence in your capacity to qualify for a mortgage loan by giving you a Pre-Qualification Letter (also known as a "pre-qual").
Several advantages open to you when you've found your next house, and have achieved pre-qualification power. The first is that you will be sure the amount you'll be able to afford when calculating the offer.
Even more important to the current owner, your pre-qualification status gives them certainty - as if you had come to their house with a big box of cash to make the offer! They won't need to be concerned that they're wasting their time if you will not be able to qualify for a big enough mortgage loan. The seller won't be concerned that he can't trust you to qualify for your loan.Your qualifying for the necessary mortgage loan amount will not cause them concern. You have the ability to back your offer up.
We will help you with your pre-qualification
We can help determine how much of a mortgage loan you can afford, and how much money you may be able to borrow, by taking you through the pre-qualification process. The process takes you through your finances - your debt, income, employment, cash available for down payment, among other things. We will ask for a minimum amount of paperwork, with a short, basic process.
It is vital for you to sit down and talk with us, even though you are free to also try the helpful mortgage loan calculator tools on our website. That way, we'll be able to help you get your pre-qualification letter. Then, we can make sure we have the ideal mortgage program for your situation. Let us get you started: Call us at 214-865-7442.
Have questions about pre-qualifying? Call us at 214-865-7442. American Mortgage Advisers, Inc answers pre-qualifying questions every day.