Why Pre-Qualification is Important
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Even if you haven't so much as picked out houses to view yet, it's advantageous to contact your mortgage loan professional early. Why? What can we do for you if you have not negotiated a purchase amount, and don't know yet the amount you need to borrow?
We Will Help You Pre-Qualify
We can help you see how much of a mortgage loan you can afford, and the amount of money you may be able to borrow, by walking you through pre-qualifying. In the process, we calculate your borrowing power - looking at your job, money available for down payment, existing debt, income, and other areas. It's short and basic; We keep the paperwork to a minimum.
After you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that documents the fact that we are partnering with you to find the right loan to meet your needs and that we are confident you'll qualify for a mortgage up to a specific amount.
Armed with your pre-qualification letter, some advantages are yours when you find the house you want to put together an offer on. The first is that you'll be sure the amount you will be able to afford when calculating the offer. Being pre-qualified also will make your offer look even better to the seller, like you were bringing them a bag full of cash! They need not worry that that they have been wasting their time if you won't be able to have the ability to qualify for a high enough mortgage. The seller of the home won't be concerned that he can't trust you to qualify for your loan.Your qualifying for your needed mortgage loan amount won't be something for them to be concerned about. You have the ability to back up your offer.
We can help you pre-qualify
When we pre-qualify you, we help you figure out the amount you can afford in mortgage payments you can fit in your budget, and the size of loan you will qualify for. In the process, we explore your borrowing power - analyzing your earning status, available money for down payment, debts, income, and other circumstances. It's short and basic; and we keep the paperwork light.
One on one
You can always use the calculators here on our website to get an idea of how much mortgage you'll be able to afford - but it's also important to meet 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 program that better fits your needs. We're waiting to hear from you: contact us at 276-782-1677.
Have questions about pre-qualifying? Call us at 276-782-1677. We answer pre-qualification questions every day.