The Importance of Pre-Qualifying
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Even if you've not so much as narrowed down homes to view yet, it's valuable to see your mortgage professional early. Why? It may be hard to fathom how we can help even before you begin to talk about prices and negotiations.
We can help you calculate how much of a mortgage you can afford, and the amount of money you can borrow, by taking you through the pre-qualification process. This process outlines your finances - your debt, income, career, and down payment money, among other things. It's a short, thorough process with minimal risks for papercuts.
Once you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which documents the fact that we are helping you to find the best mortgage loan to meet your needs and that we're confident you'll qualify for a mortgage loan for a specific amount.
Once you find a house that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it helps you know the amount that you are able to offer.
Having pre-qualification will also make your offer more attractive to the home seller, like you were bringing them a bag full of cash! They won't need to wonder if they're wasting their time if you don't be able to qualify for a high enough mortgage loan. The seller won't worry if he can trust you to qualify for your loan.Your qualifying for your needed loan amount won't be something for them to fret over. They have a virtual guarantee to trust your buying power.
We will help you with your pre-qualification
When we pre-qualify you, we help you find out the amount you can afford in monthly mortgage payments you can afford, and the size of loan you can qualify for. In this process, we explore your capacity to borrow - reviewing your employment, money available for down payment, debts, income, and other circumstances. It's quick and basic; and we keep the paperwork to a minimum.
Face to Face
You can always use the calculators here on this site to calculate how much mortgage you'll be able to afford - but it's also valuable to talk with one of our mortgage professionals. For one thing, you will want a Pre-Qualification Letter! Next, we can consider your mortgage loan options and be sure you have chosen the best one. Contact us at 407-834-3377 to get started.
Have questions about pre-qualifying? Call us at 407-834-3377. It's our job to answer pre-qualification questions, so we're happy to help!