Why Pre-Qualification is Important
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It is important to consult your mortgage professional as soon as possible — even before you've started to research neighborhoods. What for? How can we help you if you haven't negotiated an amount, and do not know yet how much you want to borrow?
We Can Help You Pre-Qualify
When we pre-qualify you, we help you determine the amount in monthly payments you can fit in your budget, and the loan amount you can qualify for. The process outlines your finances - your debts, income, career, and down payment money, among other things. It's a short, thorough process with minimal risks for papercuts.
After you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), that says that we are working with you to find the right mortgage to meet your needs and that we're confident you'll qualify for a loan for up to a specific amount.
Power in the Pre-Qual
Holding your pre-qualification letter, a number of advantages fall at your feet when you find the home you want to make an offer for. The first is that you can be sure what you can afford when determining your offer.
Of greater importance to the existing home owner, your being pre-qualified is like your having entered their house with a bag full of cash to make the deal! They won't have to be concerned that they are wasting their time if you will not have the ability to qualify for a high enough mortgage loan. The seller of the home 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 your needed mortgage loan amount won't cause them concern. You will have the influence of a buyer ready to make the deal right now!
We will help you with your pre-qualification
We can help you see how much of a mortgage loan you can afford, and the amount of money you can borrow, by taking you through the pre-qualification process. In the process, we calculate your borrowing capacity - reviewing your employment, available money for down payment, debts, income, and other areas. We require a minimum amount of paperwork, with a quick process.
One on one
You can certainly use the calculators on our website to get an idea of how much mortgage you can afford - but it's also valuable to meet with one of our mortgage professionals. For one thing, you will need a Pre-Qualification Letter! For another thing, we may locate a different mortgage program that fits your goals better. We are waiting to meet with you: contact us at 516-431-2009.
Have questions about pre-qualifying? Call us at 516-431-2009. We answer pre-qualification questions every day.