The Importance of Pre-Qualification
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Even if you have not so much as narrowed down homes to view yet, it can be valuable to visit with your mortgage loan professional early. What for? If you don't yet know how much home you want to qualify for, what could we do for you?
When we pre-qualify you, we help you find out how much of a monthly mortgage payment you can fit in your budget, and the loan amount you can qualify for. We will achieve this by analyzing your debts and income, your employment and housing situations, your funds available for a down payment, required reserves, and some other things. We will require a minimum amount of paperwork, and avoid a lengthy process.
Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), that says that we are partnering with you to find the best loan program to meet your situation and that we're confident you'll qualify for a loan for up to a specific amount.
Holding your pre-qualification letter, several advantages fall at your feet once you find the house you want to make an offer on. First, it helps you know the amount that you can offer.
Of greater importance to the seller, your pre-qualification is like your having entered their house with a suitcase full of money to purchase their house! They will not need to worry that they are wasting their time if you can't have the ability to qualify for a big enough mortgage loan. The seller won't worry if he can count on you to qualify for your loan.Your qualifying for your needed mortgage loan amount won't be something for them to fret over. They have a virtual guarantee that they can trust your ability to back up your offer.
We help with your pre-qualification
When we pre-qualify you, we help you decide the amount you can afford in monthly mortgage payments you can fit in your budget, and the loan amount you will qualify for. The process takes you through your financial situation - your debt, income, employment, cash available for down payment, among other things. It's a short, thorough process with minimal risks for papercuts.
One on one
You can certainly use the mortgage calculators available on this site to get an idea of how much mortgage you can afford - but it's also important to meet with one of our mortgage professionals. For one thing, you'll need a Pre-Qualification Letter! For another thing, we could be able to locate a different mortgage choice that better fits your needs. We are waiting to hear from you: call us at 706-860-5514.
Have questions about pre-qualifying? Call us at 706-860-5514. We answer pre-qualification questions every day.