Why Pre-Qualification is Important
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It is valuable to consult with your mortgage professional early — even before you've begun narrowing down neighborhoods. Why? What can we do for you if you have not negotiated a price, and don't yet know the amount you need to borrow?
When we pre-qualify you, we help you decide how much of a monthly payment you can fit in your budget, and the loan amount you will qualify for. In this process, we explore your capacity to borrow - reviewing your job, available money for down payment, debts, income, and other circumstances. We require a minimum amount of paperwork, with a quick process.
After you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), which states that we are working with you to find the ideal mortgage loan program to meet your financial needs and that we are confident you will qualify for a mortgage for a specific amount.
Armed with your pre-qualification letter, a number of advantages fall at your feet at the point you find the house you want to put together an offer on. First, it lets you know the amount that you're able to offer.
Having pre-qualification also will make your offer look even better to the home seller, as if you were bringing them a suitcase full of cash! They need not worry that they are wasting their time if you don't have the ability to qualify for a high enough mortgage loan. The seller won't be concerned that he can't trust you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount won't be something for them to worry about. They have a virtual guarantee to trust your buying power.
We help with your pre-qualification
We will help you see how much of a mortgage loan you can afford, and the amount of money you will be able to borrow, by taking you through the pre-qualification process. The process outlines your finances - your debts, income, employment, down payment money, among other things. It is a quick, thorough process with minimal risks for papercuts.
One on one
It is important for you to sit down and talk with us, even though you are welcome to also utilize the helpful mortgage loan calculator tools on this website. We can work toward your pre-qualification letter. Then, we'll make sure we have the ideal mortgage program for you. We're waiting to meet with you: call us at (281) 778-0805.
Have questions about pre-qualifying? Call us at (281) 778-0805. It's our job to answer pre-qualification questions, so we're happy to help!