When to Talk to a Mortgage Pro
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It's important to visit with a mortgage professional early, even before you have decided what sort of home you hope to find. What for? It might be difficult to understand the ways we can help even before you start to negotiate.
We can help determine 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. During this process, we look at your borrowing capacity - looking at your job, available money for down payment, debts, income, and other circumstances. It is a quick, thorough process with minimal risks for papercuts.
When you are determined to be eligible, we will prove our confidence in your capacity to qualify for a mortgage loan by awarding you a Pre-Qualification Letter (also called a "pre-qual").
Various advantages open to you after you have found your new house, and have pre-qualification. First, you have some concrete numbers in mind, as the total you will qualify for on your mortgage.
Your pre-qualification can also make your offer more attractive to the seller, as if you were bringing them a suitcase of cash! They need not wonder if that they're wasting their time if you do not have the ability to qualify for a big enough mortgage loan. The seller won't worry if he can trust you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed loan amount will not be something for them to fret over. You have the capability to back up your offer.
We will help you pre-qualify
When we pre-qualify you, we help you decide the amount you can afford in monthly payments you can fit in your budget, and how much we of a loan you can qualify for. We can accomplish this by considering your debts and income, your employment and residence circumstances, the available funds for down payment, required reserves, and some other things. We require a minimum amount of paperwork, with a short, basic process.
One on one
You can certainly use the calculators available on this website to calculate how much mortgage you can afford - but it's also valuable to meet with one of our mortgage professionals. We can work toward your pre-qualification letter. Next, we can review your mortgage choices and make sure you are in the best one. Contact us at 305-967-7200 to get started.
Have questions about pre-qualifying? Call us at 305-967-7200. It's our job to answer pre-qualification questions, so we're happy to help!