Why it's Important to Pre-Qualify
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It is important to visit with a mortgage loan pro early, even if you haven't settled on the sort of home you hope to find. Why? If you don't know yet how much house you want to qualify for, how can we help?
We can help you find out how much of a loan you can qualify for and the monthly payment amount you are able to afford by helping you pre-qualify. This process walks you through your financial situation - your debts, income, job, and cash available for down payment, among other things. We require a minimum amount of paperwork, and avoid a lengthy process.
When you qualify, we present to you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that says that we are working with you to find the ideal mortgage loan to meet your situation and that we are confident you will qualify for a loan for up to a specific amount.
After you find the house that is ideal for you, and you decide to make an offer, being pre-qualified for a mortgage will do several things. First, it helps you know how much you're able to offer.
Even more important to the seller, your pre-qualification gives them certainty - as if you'd entered their home with a bag of cash to make the offer! They will not need to be concerned they're wasting their time if you can't be able to qualify for a high enough mortgage loan. The seller of the home won't worry if he can trust you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount will not cause them concern. You have the sway of a buyer ready to make the deal right now!
We can help you pre-qualify
When we pre-qualify you, we help you decide how much of a monthly payment you can fit in your budget, and the size of loan you can qualify for. We do this by considering your debts and income, your work and residence circumstances, the funds available for a down payment, required reserves, and some other things. We as for a minimum amount of paperwork, with a quick process.
While you are encouraged to benefit from our tools to calculate mortgage variables on this site, it's a good idea to meet with one of our mortgage professional team members. For one thing, you'll need a Pre-Qualification Letter! Next, we can review your loan options and be sure you have selected the best one. Let us get you started: 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!