Why Pre-Qualification is Important
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It is valuable to visit with a mortgage professional early, even before you've decided what type of home you hope to find. Why? If you do not know yet how much home you need to qualify for, how could we help?
We can help determine how much of a mortgage loan you can afford, and how much money you can borrow, by walking you through the pre-qualification process. This process takes you through your finances - your debts, income, employment, and cash available for down payment, among other things. It's a short, thorough process with minimal risks for papercuts.
We will give you a Pre-Qualification Letter once you qualify, which states that we're confident you can qualify for up to a specific amount of mortgage dollars.
Once you find a house that meets your needs, and you decide to put together an offer, being pre-qualified for a mortgage loan will do a number of things. The first is that you'll know the amount you will be able to afford when calculating the offer.
Even more important to the seller, your pre-qualification letter gives them certainty - as if you had come into their home with a bag of cash to make the offer! They will not have to be concerned that they're wasting their time if you don't be able to qualify for a high enough mortgage loan. The seller won't worry if he can count on you to qualify for your loan.Your qualifying for your needed loan amount won't cause them concern. You have the clout of a buyer ready to make the deal right now!
We will help you pre-qualify
We will help you determine how much of a loan you can qualify for and the monthly payment amount you are able to afford by getting you pre-qualified. In the process, we calculate your borrowing power - analyzing your earning status, money available for down payment, existing debt, income, and other circumstances. It's short and basic; and we keep the paperwork to a minimum.
You can always use the mortgage calculators available on our website to get an idea of how much mortgage you'll be able to afford - but it's also essential to meet with one of our mortgage professionals. We can work toward your pre-qualification letter. Then, we will make sure we have found the right mortgage loan program for your situation. We're waiting to meet with you: call us at (434) 975-5626.
Have questions about pre-qualifying? Call us at (434) 975-5626. It's our job to answer pre-qualification questions, so we're happy to help!
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