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It is important to consult with your mortgage professional early — even before you've started researching neighborhoods. Why? Perhaps it's difficult to understand the way we could help even before you start to calculate your offer.
We Can 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 can qualify for. In the process, we calculate your borrowing potential - analyzing your earning status, available money for down payment, existing debt, income, and other circumstances. It's a short, thorough process with minimal risks for papercuts.
After you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that documents the fact that we are partnering with you to find the right mortgage loan program to fit your needs and that we are confident you will qualify for a loan for up to a specific amount.
When you locate the house that is right for you, and you decide to put together an offer, being pre-qualified for a loan will do a couple of things. The first is that you will be sure the amount you'll be able to afford when putting together your offer.
Even more important to the seller of the house, your pre-qualification gives them certainty - as if you'd arrived at their house with a big box of cash to back up the offer! They will not need to be concerned they're wasting their time if you won't be able to be able 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 your needed mortgage loan amount won't cause them concern. They have a virtual guarantee that they can trust your buying power.
We will help you with your pre-qualification
We can help you see how much of a mortgage loan you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. We can do this by considering your income and debts, your employment and residence circumstances, your funds available for a down payment, required reserves, and other considerations. It's short and basic; and we take pride in keeping the paperwork to a minimum.
One on one
You can certainly use the calculators on this site to get an idea of how much mortgage you'll be able to afford - but it's also important to meet with one of our mortgage professionals. That way, we'll help you get your pre-qualification letter. For another thing, we may locate a different mortgage program that better fits your needs. We are eager to meet with you: call us at (786) 262-6486.
Have questions about pre-qualifying? Call us at (786) 262-6486. We answer pre-qualification questions every day.