When to Talk to Your Mortgage Professional About Pre-Qualifying
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Even if you haven't so much as researched houses to view yet, it's valuable to contact your mortgage professional first. Why? What can we do for you before you have made your offer, and don't know yet the amount you want to borrow?
When we pre-qualify you, we help you find out the amount in mortgage payments you can afford, and the loan amount you will qualify for. We accomplish this by considering your income and debts, your work and housing situations, your funds available for down payment, required reserves, and other financial considerations. It's quick and basic; We take pride in keeping the paperwork to a minimum.
Once you qualify, will present to you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), which says that we are working with you to find the ideal loan to fit your needs and that we are confident you'll qualify for a loan for up to a certain amount.
Armed with your pre-qualification letter, a number of advantages are yours when you find the house you want to put together an offer on. First, it lets you know how much you're able to offer.
Even more important to the seller, your pre-qualification gives them confidence - as if you'd entered their home with a bag of cash to back up the offer! They won't need to worry that they're wasting their time if you can't be able to qualify for a high enough mortgage. The seller won't be concerned that he can't trust you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed mortgage loan amount won't cause them concern. They have a virtual guarantee to trust your buying power.
We can help you pre-qualify
When we pre-qualify you, we help you decide the amount you can afford in monthly mortgage payments you can afford, and the loan amount you will qualify for. We can do this by reviewing your debts and income, your work and housing situations, the available funds for down payment, required reserves, and some other things. It's short and basic; and we take pride in keeping the paperwork light.
One on one
It's vital to sit down and meet with us, even though you are welcome to also try the helpful mortgage calculator tools on our site. We can walk you through your pre-qualification letter. For another thing, we may find a different mortgage program that fits your needs better. We are eager to meet with you: call us at 978-422-2311.
Have questions about pre-qualifying? Call us at 978-422-2311. It's our job to answer pre-qualification questions, so we're happy to help!