It's important to bring in your mortgage professional early — even before you've started researching neighborhoods. What for?
When we pre-qualify you, we help you determine the amount in mortgage payments you can afford, and the size of loan you can qualify for. We accomplish this by reviewing your debts and income, your employment and housing circumstances, your available funds for a down payment, required reserves, and other financial considerations. It's quick and to the point; We take pride in keeping the paperwork light.
Once you qualify, we present to you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that states that we are helping you to find the ideal loan to meet your situation and that we are confident you will qualify for a mortgage loan for up to a certain amount.
When you locate the house that is ideal for you, and you decide to put together an offer, being pre-qualified for a loan will do several things. The first is that you will know what you can afford when putting together the offer. Being pre-qualified also will make your offer look even better to the seller like you were bringing them a suitcase of cash! They won't have to 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 be concerned that they can't trust you to qualify for your loan. You qualifying for your needed loan amount won't cause them concern. You can have the clout of a buyer ready to make the deal on the spot!
We can help you find out how much of a loan you can qualify for and the mortgage payment amount you can afford by helping you pre-qualify. In the process, we look at your borrowing capacity - looking at your earning status, available money for a down payment, debts, income, and other areas. It's a quick, thorough process with minimal risks for papercuts.
It's vital to sit down and talk with us, even though you are free to also try the helpful mortgage loan calculator tools on this website. For one thing, you'll need a Pre-Qualification Letter! Next, we can consider your mortgage program options and be sure you are in the right one.