Why it's Important to Pre-Qualify
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Even if you haven't researched houses to view yet, it can be valuable to contact your mortgage pro early. Why? What can we do for you before you have made your offer, and do not yet know the amount you want to borrow?
We will help determine how much of a mortgage you can afford, and the amount of money you will be able to borrow, by walking you through pre-qualifying. The process walks you through your current financial situation - your debt, income, job, and cash available for down payment, among other things. We will require a minimum amount of paperwork, and avoid a lengthy process.
After you qualify, will present to you a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), which documents the fact that we are partnering with you to find the best mortgage loan to fit your financial needs and that we are confident you'll qualify for a mortgage loan up to a specific amount.
With your pre-qualification letter, some advantages fall at your feet once you locate the house you want to make an offer for. The first is that you can know what you'll be able to afford when calculating the offer. More important to the existing home owner, your pre-qualification is like your having entered their front door with a suitcase full of money ready to purchase the house! They need not be concerned that they have been wasting their time if you don't have the ability to qualify for a big enough mortgage. The seller of the home won't wonder if he can trust you to qualify for your mortgage in the amount you'll need.Your qualifying for the necessary mortgage loan amount will not be something for them to lose sleep over. You'll have the clout of a buyer ready to make the purchase right now!
We will help you pre-qualify
We will help determine how much of a mortgage loan you can afford, and how much money you will be able to borrow, by taking you through pre-qualifying. We do this by analyzing your income and debts, your employment and housing situations, the funds available for down payment, required reserves, and other considerations. We as for a minimum amount of paperwork, with a quick process.
It is vital for you to sit down and meet with us, even though you are free to also use the helpful mortgage calculators on our site. For one thing, you will want a Pre-Qualification Letter! Then, we can make sure we have found the right mortgage program for your situation. Let us help you get started: Call us at 516-431-2009.