The Importance of Pre-Qualification
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It's valuable to see a mortgage loan pro early, even before you've determined the kind of house you hope to find. Why? Maybe it is hard to fathom the ways in which we could help even before you begin to talk about prices and negotiations.
When we pre-qualify you, we help you determine the amount in monthly payments you can fit in your budget, and the size of loan you can qualify for. The process outlines your financial situation - your debt, income, job, and down payment money, among other things. We require a minimum amount of paperwork, and avoid a lengthy process.
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 states that we are helping you to find the right mortgage loan program to fit your financial needs and that we are confident you'll qualify for a mortgage up to a specific amount.
Power in the Pre-Qual
Some advantages open to you after you find your next house, and have achieved pre-qualification. The first is that you will know the amount you will be able to afford when determining the offer.
Being pre-qualified can also make your offer look even better to the home seller, like you were bringing them a suitcase full of cash! They need not wonder if they're wasting their time if you won't be able to be able to qualify for a big enough mortgage. The seller of the home won't be concerned that he can't count on you to qualify for your loan.Your qualifying for the necessary mortgage loan amount will not be something for them to fret over. They have a virtual guarantee to trust your ability to back up your offer.
We will help you pre-qualify
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 getting you pre-qualified. We accomplish this by analyzing your income and debts, your work and residence situations, your funds available for a down payment, required reserves, and other considerations. It's short and to the point; and we take pride in keeping the paperwork to a minimum.
One on one
While you can try our mortgage calculators on this website, it will be a good idea to sit down and talk with us. We can work toward your pre-qualification letter. For another thing, we might locate a different mortgage option that better fits your needs. Contact us at (434) 975-5626 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at (434) 975-5626. We answer pre-qualification questions every day.
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