Why Pre-Qualification is Important
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It's important to consult your mortgage professional early — even before you have begun researching neighborhoods. What for? How can we help before you have negotiated a price, and do not yet know how much you need to borrow?
We Will Help You Pre-Qualify
When we pre-qualify you, we help you find out how much of a monthly payment you can afford, and the loan amount you can qualify for. We will achieve this by reviewing your debts and income, your work and residence circumstances, the available funds for down payment, required reserves, and some other things. We require a minimum amount of paperwork, and avoid a lengthy process.
Once you are considered eligible, we prove our confidence in your ability to qualify for a mortgage loan by giving you a Pre-Qualification Letter (also known as a "pre-qual").
With your pre-qualification letter, a number of advantages fall at your feet when you find the house you want to put together an offer for. The first is that you'll be sure the amount you can afford when putting together your offer.
Having pre-qualification will also make your offer more attractive to the seller, like you were bringing them a suitcase of cash! They will not have to be concerned that they have been wasting their time if you will not be able to qualify for a big enough mortgage loan. The seller of the home won't worry if he can count on you to qualify for your mortgage in the amount you will need.Your qualifying for the necessary mortgage loan amount won't cause them concern. They have a virtual guarantee that they can trust your ability to back up your offer.
We can help you pre-qualify
When we pre-qualify you, we help you find out the amount you can afford in monthly mortgage payments you can fit in your budget, and the loan amount you can qualify for. We do this by considering your income and debts, your work and housing situations, the funds available for a down payment, required reserves, and other financial considerations. It's quick and to the point; and we keep the paperwork to a minimum.
Face to Face
It is vital for you to sit down and talk with us, even though you are free to also utilize the helpful mortgage loan calculator tools on this website. That way, we'll be able to help you get your pre-qualification letter. Then, we will make sure we have found the right mortgage program for you. Contact us at 516-431-2009 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at 516-431-2009. Riverside Funding Corp. answers pre-qualifying questions every day.