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Even if you've not so much as narrowed down houses to view yet, it can be advantageous to see your mortgage professional first. Why? It might be difficult to understand the ways in which we could help even before you start to talk about prices and negotiations.
When we pre-qualify you, we help you find out how much of a monthly mortgage payment you can afford, and how much we of a loan you can qualify for. We achieve this by reviewing your debts and income, your employment and housing circumstances, your funds available for a down payment, required reserves, and other financial considerations. We will require a minimum amount of paperwork, with a quick process.
Once you are considered eligible, we document our confidence in your ability to qualify for a loan by awarding you a Pre-Qualification Letter (also called a "pre-qual").
Power in the Pre-Qual
Some advantages open to you after you have found your new house, and have pre-qualification. First of all, you have some concrete numbers in mind, as the amount you will qualify for on your mortgage loan. Of greater importance to the home seller, your being pre-qualified is like your having entered their front door with a bag full of cash ready to make the deal! They need not wonder if that they are wasting their time if you can't have the ability to qualify for a big enough mortgage loan. 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 loan amount will not cause them concern. You can have the influence of a buyer ready to make the deal on the spot!
We will help you with your pre-qualification
We will help you calculate how much of a mortgage loan you can afford, and the amount of money you will be able to borrow, by walking you through pre-qualifying. The process takes you through your current financial situation - your debt, income, career, down payment money, among other things. We as for a minimum amount of paperwork, and avoid a lengthy process.
One on one
You can certainly use the mortgage calculators here on our site to calculate the size mortgage you will be able to afford - but it's also important to meet with us. We can work toward your pre-qualification letter. Then, we'll make sure we have the best mortgage loan program for you. We are eager to hear from you: call us at 516-431-2009.