Why Pre-Qualification is Important
Even if you've not so much as narrowed down houses to view yet, it's important to contact your mortgage professional first. What for? Maybe it's difficult to understand how we can help even before you begin to negotiate.
We Can Help You Pre-Qualify
We will help you determine the loan amount you can qualify for and the monthly mortgage payment amount you can afford by getting you pre-qualified. During the process, we look at your borrowing potential - reviewing your employment, available money for down payment, debts, income, and other areas. We will require a minimum amount of paperwork, and avoid a lengthy process.
Once you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), which says that we are partnering with you to find the right mortgage loan program to fit your situation and that we are confident you will qualify for a mortgage for up to a certain amount.
With your pre-qualification letter, a number of advantages fall at your feet once you locate the house you want to put together an offer for. First of all, you have some general numbers in mind, as the total you can borrow.
Being pre-qualified also will make your offer look even better to the home seller, as if you were bringing them a suitcase full of cash! They will not have to be concerned they are wasting their time if you will not have the ability to qualify for a big enough mortgage. The seller won't be concerned that he can't count on you to qualify for your loan.Your qualifying for the necessary loan amount won't be something for them to be concerned about. They have a virtual guarantee to trust your ability to back up your offer.
We will help you with your pre-qualification
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. This process outlines your financial situation - your debts, income, employment, down payment money, among other things. It's short and basic; and we keep the paperwork to a minimum.
Face to Face
It is important for you to sit down and talk with us, even though you are welcome to also utilize the helpful mortgage loan calculators on our site. For one thing, you'll need a Pre-Qualification Letter! For another thing, we could locate a different mortgage option that is a better fit for you. Let us get you started: Contact us at (831) 459-6073.
Have questions about pre-qualifying? Call us at (831) 459-6073. First Residential Mortgage answers pre-qualifying questions every day.