Why Pre-Qualification is Important
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Even if you have not so much as picked out houses to visit yet, it's advantageous to visit with your mortgage loan professional first. What for? What can we do for you before you have negotiated a price, and don't yet know the amount you want to borrow?
We Will Help You Pre-Qualify
When we pre-qualify you, we help you find out the amount in monthly payments you can fit in your budget, and the size of loan you can qualify for. We do this by reviewing your income and debts, your work and residence situations, your available funds for down payment, required reserves, and other financial considerations. It's short and to the point; We keep the paperwork light.
Once you are determined to be eligible, we will prove our confidence in your capacity to qualify for a loan by giving you a Pre-Qualification Letter (also known as a "pre-qual").
Several advantages open to you once you've found your dream house, and have achieved pre-qualification. First, you have some concrete numbers in mind, as the total you can borrow. More important to the seller, your pre-qualification is like your having walked into their house with a bag full of cash ready to make the deal! They won't need to worry that they are wasting their time if you don't be able to qualify for a big enough mortgage. The seller won't worry if he can trust you to qualify for your loan.Your qualifying for the necessary mortgage loan amount will not cause them concern. You can have the influence of a buyer ready to make the purchase on the spot!
We will help you pre-qualify
We will help you see how much of a mortgage loan you can afford, and how much money you will be able to borrow, by walking you through the pre-qualification process. In this process, we calculate your borrowing power - analyzing your employment, available money for down payment, debt, income, and other circumstances. We require a minimum amount of paperwork, and avoid a lengthy process.
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 talk with us. We can walk you through your pre-qualification letter. For another thing, we might find a different mortgage choice that fits your situation better. We are eager to hear from you: call us at 516-431-2009.