Why Pre-Qualification is Important
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It's important to bring in your mortgage loan professional early — even before you have started to consider neighborhoods. Why? Perhaps it's difficult to fathom how we can help even before you start to calculate your offer.
When we pre-qualify you, we help you find out the amount in monthly payments you can fit in your budget, and the size of loan you will qualify for. During this process, we explore your ability to borrow - analyzing your job, available money for down payment, debt, income, and other circumstances. It's short and to the point; We keep the paperwork light.
After you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), that states that we are helping you to find the ideal mortgage loan to fit your financial needs and that we're confident you'll qualify for a loan up to a specific amount.
A number of beneifits open to you when you've found your new house, and have pre-qualification. First of all, you have some definite numbers in mind, as the total you can borrow.
Even more important to the seller, your pre-qualification letter gives them confidence - as if you'd entered their house with a suitcase of cash to make the offer! They need not worry that they are wasting their time if you will not be able to qualify for a high enough mortgage. The seller of the home won't worry if he can count on you to qualify for your loan.Your qualifying for the necessary mortgage loan amount will not be something for them to be concerned about. You'll have the sway of a buyer ready to make the deal on the spot!
We can help you pre-qualify
We will help you calculate how much of a loan you can qualify for and the monthly mortgage payment amount you are able to afford by helping you pre-qualify. We can do this by considering your income and debts, your employment and housing situations, your available funds for down payment, required reserves, and some other things. We will ask for a minimum amount of paperwork, with a short, basic process.
One on one
It's vital for you to sit down and meet with us, even though you are free to also utilize the helpful mortgage calculators on our website. That way, we'll help you get your pre-qualification letter. Next, we can study your mortgage program options and make sure you have selected the right one. Contact us at 305-967-7200 to get started.
Have questions about pre-qualifying? Call us at 305-967-7200. U.S.A. Lending, Inc. answers pre-qualifying questions every day.