Why Pre-Qualification is Important
Are you looking for a new mortgage loan? We will be glad to help! Give us a call today at 516-431-2009. Ready to get started? Apply Now.
It's helpful to see a mortgage loan pro early, even if you haven't settled on what sort of home to search for. Why? If you do not know yet how much home you need to qualify for, what can we do for you?
We Can Help You Pre-Qualify
We can help you calculate how much of a mortgage you can afford, and how much money you can borrow, by walking you through pre-qualifying. The process walks you through your current financial situation - your debt, income, employment, and down payment money, among other things. It's a quick, thorough process with minimal risks for papercuts.
Once you qualify, we present to you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which says that we are helping you to find the right mortgage loan to meet your financial needs and that we're confident you'll qualify for a mortgage loan for a certain amount.
Power in the Pre-Qual
When you locate the house that is ideal for you, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. The first is that you can know what you will be able to afford when determining your offer.
Even more important to the seller of the house, your pre-qualification status gives them certainty - as if you had entered their home with a suitcase of cash to make the offer! They won't have to worry that they have been wasting their time if you don't have the ability to qualify for a high enough mortgage. The seller won't be concerned that he can't count on you to qualify for your mortgage in the amount you will need.Your qualifying for the necessary mortgage loan amount will not be something for them to worry about. They have a virtual guarantee that they can trust your buying power.
We will help you pre-qualify
We will help you determine the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by helping you pre-qualify. We will achieve this by considering your income and debts, your employment and housing situations, the available funds for a down payment, required reserves, and some other things. It's a quick, thorough process with minimal risks for papercuts.
You can always use the mortgage calculators available on this 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 will need a Pre-Qualification Letter! For another thing, we might find a different mortgage choice that fits your needs better. Contact us at 516-431-2009 to get started.
Have questions about pre-qualifying? Call us at 516-431-2009. Riverside Funding Corp. answers pre-qualifying questions every day.