The Importance of Pre-Qualification
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Even if you have not picked out homes to visit yet, it can be valuable to visit with your mortgage pro first. What for? What can we do for you if you have not made an offer, and do not know yet the amount you want to borrow?
We will help you calculate how much of a mortgage you can afford, and the amount of money you can borrow, by taking you through pre-qualifying. We achieve this by considering your debts and income, your work and housing circumstances, the funds available for down payment, required reserves, and some other things. We will require a minimum amount of paperwork, and avoid a lengthy process.
When you are considered eligible, we will prove our confidence in your ability to qualify for a mortgage by presenting you with a Pre-Qualification Letter (also called a "pre-qual").
Power in the Pre-Qual
After you locate a house that is right for you, and you want to put together an offer, being pre-qualified for a loan will do several things. First, you have some concrete numbers in mind, as the amount you will qualify for on your mortgage loan.
Even more important to the current owner, your pre-qualification letter gives them confidence - as if you had arrived at their home with a big box of cash to make the offer! They need not wonder if they're wasting their time if you won't be able to be able to qualify for a big enough mortgage loan. The seller of the home won't be concerned that he won't be able to trust you to qualify for your mortgage in the amount you will need.Your qualifying for the necessary loan amount will not be something for them to worry about. You'll have the clout of a buyer ready to make the deal on the spot!
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 afford, and the size of loan you will qualify for. During this process, we explore your capacity to borrow - reviewing your earning status, available money for down payment, existing debt, income, and other circumstances. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
One on one
It's important for you to sit down and meet with us, even though you are welcome to also try the helpful mortgage calculators on this website. That way, we can help you get your pre-qualification letter. For another thing, we might locate a different mortgage choice that fits your goals better. We are waiting to meet with you: call us at 305-967-7200.
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!