Why Pre-Qualification is Important
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It can be helpful to see a mortgage professional first, even before you have determined what type of house to look for. What for? Maybe it is hard to fathom the way we can help even before you begin to talk about prices and negotiations.
When we pre-qualify you, we help you find out how much of a monthly mortgage payment you can afford, and the loan amount you will qualify for. We achieve this by considering your income and debts, your work and residence situations, the available funds for down payment, required reserves, and other financial considerations. It's quick and basic; We keep the paperwork light.
When you are considered eligible, we will prove our confidence in your capacity to qualify for a mortgage loan by awarding you a Pre-Qualification Letter (also called a "pre-qual").
Holding your pre-qualification letter, a number of advantages fall at your feet at the point you find the home you want to make an offer on. First, you have some definite numbers in mind, as the total you will qualify for on your loan.
More important to the home seller, your pre-qualification is like your having entered their front door with a suitcase full of cash to purchase their house! They need not worry that they have been wasting their time if you do not 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 loan.Your qualifying for the necessary loan amount won't be something for them to be concerned about. You'll have the clout of a buyer ready to make the purchase right now!
We will help you pre-qualify
When we pre-qualify you, we help you figure out the amount you can afford in mortgage payments you can afford, and the loan amount you can qualify for. We achieve this by considering your debts and income, your employment and residence circumstances, your funds available for a down payment, required reserves, and other financial considerations. It is a short, thorough process with minimal risks for papercuts.
Face to Face
It's important for you to sit down and talk with us, even though you are welcome to also use the helpful mortgage loan calculator tools on this website. For one thing, you will want a Pre-Qualification Letter! Then, we'll make sure we have the best mortgage program for you. Let us get you started: Call us at (203) 729-6681.
Have questions about pre-qualifying? Call us at (203) 729-6681. We answer pre-qualification questions every day.