Why it's Important to Pre-Qualify
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It is valuable to consult your mortgage professional early — even before you have started to consider neighborhoods. Why? It might be hard to fathom the ways in which we could help even before you begin to talk about prices and negotiations.
We will help you determine the loan amount you can qualify for and the mortgage payment amount you can afford by getting you pre-qualified. We will do this by considering your debts and income, your employment and housing circumstances, your funds available for down payment, required reserves, and other considerations. It's quick and to the point; We keep the paperwork to a minimum.
Once you are considered eligible, we will prove our confidence in your potential to qualify for a mortgage by presenting you with a Pre-Qualification Letter (also called a "pre-qual").
Armed with your pre-qualification letter, several advantages fall at your feet once you locate the house you want to put together an offer on. First, you have some general numbers in mind, as the amount you will qualify for on your loan.
Being pre-qualified will also make your offer more attractive to the home seller, like you were bringing them a suitcase full of cash! They won't have to be concerned that they are wasting their time if you can't have the ability to qualify for a big enough mortgage loan. The seller won't be concerned that he can't trust you to qualify for your loan.Your qualifying for your needed loan amount won't cause them concern. 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 the amount you can afford in monthly payments you can afford, and the loan amount you will qualify for. During the process, we explore your borrowing power - looking at your earning status, money available for down payment, debt, income, and other circumstances. It is a quick, thorough process with minimal risks for papercuts.
While you can use our tools to calculate mortgage variables on our website, it's essential to sit down and talk with us. For one thing, you'll want a Pre-Qualification Letter! For another thing, we could find a different mortgage choice that fits your situation better. Contact us at 978-422-2311 to get started.
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!