When to Speak to Your Mortgage Professional About Pre-Qualification

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Even if you have not so much as researched houses to visit yet, it's important to visit with your mortgage loan professional first. Why? When you do not yet know how much home you need to qualify for, how can we help?

Pre-Qualify

Our mortgage professionals will help you calculate the loan amount you can qualify for and the monthly payment amount you are able to afford by helping you pre-qualify. During the process, we explore your borrowing capacity - looking at your job, available money for down payment, existing debt, income, and other areas. We will require a minimum amount of paperwork, and avoid a lengthy process.

When you qualify, will give you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which states that we are working with you to find the ideal loan to fit your financial needs and that we're confident you'll qualify for a mortgage up to a certain amount.

Power in the Pre-Qual

Armed with your pre-qualification letter, several advantages are yours when you locate the home you want to make an offer on. First of all, you have some general numbers in mind, as the amount you will qualify for on your loan. Even more important to the seller of the house, your pre-qualification gives them certainty - as if you had entered their home with a bag of cash to back up the offer! They will not need to worry that they are wasting their time if you can't be able to qualify for a big enough mortgage loan. The seller won't wonder if he can trust you to qualify for your loan.Your qualifying for your needed loan amount won't cause them concern. You have the sway of a buyer ready to make the purchase on the spot!

We help with your pre-qualification

When we pre-qualify you, we help you decide how much of a monthly mortgage payment you can afford, and the loan amount you will qualify for. In this process, we look at your capacity to borrow - reviewing your employment, money available for down payment, existing debt, income, and other circumstances. It's quick and basic; and we take pride in keeping the paperwork light.

Face to Face

It's important to sit down and meet with us, even though you are welcome to also utilize the helpful mortgage loan calculator tools on our site. For one thing, you'll want a Pre-Qualification Letter! Next, we can study your mortgage program options to make sure you are in the right one. Let us help you get started: Contact us at 2147390569.

Have questions about pre-qualifying? Call us at 2147390569. American Mortgage Advisers, Inc answers pre-qualifying questions every day.