The Importance of Pre-Qualifying
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It's helpful to see a mortgage professional first, even before you've decided what type of house to search for. What for? It might be hard to understand the ways we could help even before you start to calculate your offer.
We Will Help You Pre-Qualify
We will help you calculate the loan amount you can qualify for and the mortgage payment amount you can afford by helping you pre-qualify. In the process, we determine your borrowing potential - analyzing your job, available money for down payment, existing debt, income, and other circumstances. We will require a minimum amount of paperwork, with a short,basic process.
Once you are considered eligible, we document our confidence in your ability to qualify for a loan by giving you a Pre-Qualification Letter (also called a "pre-qual").
Once you locate a house that is ideal for you, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First of all, you have some definite numbers in mind, as the total you will qualify for on your mortgage loan.
More important to the current home owner, your being pre-qualified is like your having walked into their front door with a suitcase full of money to purchase their house! They won't have to worry that they are wasting their time if you can't have the ability to qualify for a high enough mortgage loan. The seller of the home won't be concerned that he won't be able to trust you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed mortgage loan amount will not be something for them to worry about. They have a virtual guarantee to trust your ability to back up your offer.
We will help you with your pre-qualification
We can help determine how much of a mortgage loan you can afford, and how much money you may be able to borrow, by walking you through the pre-qualification process. We can achieve this by analyzing your income and debts, your employment and residence situations, your available funds for a down payment, required reserves, and other financial considerations. We will ask for a minimum amount of paperwork, with a quick process.
You can always use the calculators here on our website to calculate the size mortgage you can afford - but it's also valuable to talk with us. For one thing, you will need a Pre-Qualification Letter! For another thing, we might locate a different mortgage option that is a better fit for you. Let us get you started: Contact 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!