When to Speak to a Mortgage Professional About Pre-Qualification
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Even if you've not picked out homes to visit yet, it can be advantageous to visit with your mortgage loan professional first. What for? How can we help you before you have negotiated a purchase amount, and do not know yet the amount you need to borrow?
We will help you calculate how much of a mortgage loan you can afford, and the amount of money you may be able to borrow, by taking you through the pre-qualification process. In the process, we look at your capacity to borrow - reviewing your job, available money for down payment, debts, income, and other areas. It's short and basic; We keep the paperwork light.
Once you qualify, will give you a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), that documents the fact that we are helping you to find the right loan to meet your financial needs and that we are confident you will qualify for a mortgage for up to a certain amount.
Various advantages open to you once you have found your new house, and have achieved pre-qualification power. The first is that you will know what you'll be able to afford when determining your offer. Of greater importance to the existing home owner, your pre-qualification is like your having walked into their house with a bag full of cash ready to make the deal! They won't have to worry that they are wasting their time if you don't be able to qualify for a high enough mortgage. The seller won't wonder if he can count on you to qualify for your loan.Your qualifying for the necessary mortgage loan amount will not cause them concern. You can have the clout of a buyer ready to make the purchase on the spot!
We will help you pre-qualify
Our mortgage professionals can help you determine how much of a loan you can qualify for and the mortgage payment amount you can afford by helping you pre-qualify. We accomplish this by reviewing your income and debts, your work and residence circumstances, your funds available for a down payment, required reserves, and some other things. It's short and to the point; and we take pride in keeping the paperwork to a minimum.
You can certainly use the calculators available on our website to get an idea of how much mortgage you can afford - but it's also essential to talk with one of our mortgage professionals. For one thing, you'll want a Pre-Qualification Letter! Then, we can make sure we have chosen the best mortgage program for you. Contact us at 650 428 0234 to get started.