When to Speak to a Mortgage Pro
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Even if you haven't picked out homes to view yet, it is valuable to contact your mortgage loan professional early. What for? How can we help you if you haven't negotiated a price, and do not know yet how much you need to borrow?
When we pre-qualify you, we help you figure out how much of a monthly mortgage payment you can fit in your budget, and the size of loan you can qualify for. We achieve this by analyzing your debts and income, your employment and residence circumstances, the available funds for a down payment, required reserves, and some other things. It's short and basic; We keep the paperwork light.
At the point you are determined to be eligible, we document our confidence in your capacity 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 locate the house you want to put together an offer on. The first is that you can know the amount you'll be able to afford when determining the offer.
Being pre-qualified also will make your offer more attractive to the home seller, as if you were bringing them a suitcase of cash! They need not be concerned that they're wasting their time if you will not be able to qualify for a big enough mortgage loan. The seller of the home won't be concerned that he can't trust you to qualify for your loan.Your qualifying for your needed loan amount will not be something for them to lose sleep over. You can have the clout of a buyer ready to make the deal on the spot!
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 will qualify for. We will achieve this by considering your debts and income, your employment and residence circumstances, your funds available for down payment, required reserves, and other considerations. It's a quick, thorough process with minimal risks for papercuts.
You can always use the mortgage calculators available on this site to get an idea of how much mortgage you'll be able to afford - but it's also important to talk with one of our mortgage professionals. That way, we will help you get your pre-qualification letter. For another thing, we might locate a different mortgage choice that fits your situation better. Contact us at 407-834-3377 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at 407-834-3377. We answer pre-qualification questions every day.
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