The Importance of Pre-Qualification
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It's valuable to visit with a mortgage loan pro first, even before you've decided what type of home you hope to find. Why? How can we help you before you have negotiated a price, and do not yet know the amount you need to borrow?
We will help you calculate how much of a mortgage loan you can afford, and the amount of money you can borrow, by walking you through the pre-qualification process. In the process, we explore your borrowing power - reviewing your earning status, available money for down payment, debts, income, and other areas. It's a quick, thorough process with minimal risks for papercuts.
After you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), that states that we are partnering with you to find the ideal loan program to fit your financial needs and that we are confident you will qualify for a loan up to a certain amount.
Power in the Pre-Qual
Armed with your pre-qualification letter, several advantages fall at your feet when you find the house you want to make an offer on. First, you have some general numbers in mind, as the total you will qualify for on your loan.
More important to the current home owner, your pre-qualification is like your having entered their front door with a bag full of cash ready to purchase their home! They will not have to wonder if that they're wasting their time if you do not have the ability to qualify for a big enough mortgage. The seller of the home won't worry if he can count on you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed loan amount won't cause them concern. You have the ability to back your offer up.
We will help you with your pre-qualification
When we pre-qualify you, we help you find out how much of a monthly mortgage payment you can fit in your budget, and the size of loan you will qualify for. We can do this by reviewing your debts and income, your employment and housing circumstances, your funds available for a down payment, required reserves, and some other things. It's short and to the point; and we take pride in keeping the paperwork light.
One on one
You can always use the mortgage calculators on this website to get an idea of how much mortgage you will be able to afford - but it's also essential to talk with one of our mortgage professionals. For one thing, you'll want a Pre-Qualification Letter! For another thing, we may locate a different mortgage option that is a better fit for you. Contact us at 214-865-7442 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at 214-865-7442. We answer pre-qualification questions every day.