WHEN TO SPEAK TO YOUR MORTGAGE PROFESSIONAL
Even if you have not researched houses to view yet, it is advantageous to contact your mortgage professional early. What for? How can we help if you haven't negotiated an amount, and don't yet know how much you want to borrow?
We Can Help You Pre-Qualify
When we pre-qualify you, we help you find out the amount in monthly mortgage payments you can fit in your budget, and the loan amount you can qualify for. During the process, we explore your borrowing power - reviewing your employment, available money for down payment, debts, income, and other circumstances. We require a minimum amount of paperwork, with a quick process.
When you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), which documents the fact that we are working with you to find the right mortgage loan program to meet your needs and that we are confident you will qualify for a mortgage loan for up to a specific amount.
Buying Power
Several benefits open to you when you've found your new house and have achieved pre-qualification power. First, it lets you know how much you're able to offer. Even more important to the existing owner, your pre-qualification letter gives them confidence - as if you had entered their house with a big box of cash to back up the offer! They won't need to be concerned that they have been wasting their time if you do not have the ability to qualify for a big enough mortgage loan. The seller 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 won't cause them concern. They have a virtual guarantee that they can trust your buying power.
We will help you with your pre-qualification
When we pre-qualify you, we help you determine the amount you can afford in mortgage payments you can fit in your budget, and the loan amount you can qualify for. During the process, we explore your capacity to borrow - looking at your earning status, available money for down payment, existing debt, income, and other areas. It is a quick, thorough process with minimal risks for paper cuts.
Face to Face
You can certainly use the mortgage calculators on our site to get an idea of how much mortgage you will be able to afford - but it's also valuable to talk with one of our Mortgage Professionals. That way, we'll help you get your pre-qualification letter. For another thing, we could locate a different mortgage program that is a better fit for you. Let us help you get started.
Have questions about pre-qualifying? Call us at 305-250-2463. It's our job to answer pre-qualification questions, so we're happy to help!