The Importance of Pre-Qualification
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It's helpful to see a mortgage loan pro early, even if you haven't settled on the sort of house to look for. Why? When you don't yet know how much home you need to qualify for, how can we help?
We can help determine how much of a mortgage loan you can afford, and how much money you may be able to borrow, by taking you through the pre-qualification process. We do this by considering your income and debts, your employment and housing circumstances, the funds available for down payment, required reserves, and some other things. It's short and basic; We take pride in keeping the paperwork light.
Once you qualify, we give you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which says that we are working with you to find the ideal loan program to fit your financial needs and that we're confident you'll qualify for a loan up to a certain amount.
Power in the Pre-Qual
Various beneifits open to you once you've found your dream house, and have achieved pre-qualification power. First, you have some definite numbers in mind, as the total you will be able to borrow.
Being pre-qualified can also make your offer more attractive to the seller, like you were bringing them a big box of cash! They will not have to worry that they are wasting their time if you will not be able to qualify for a big enough mortgage loan. 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 cause them concern. You have the ability to back up your offer.
We can help you pre-qualify
Our mortgage professionals can help you calculate the loan amount you can qualify for and the monthly payment amount you can afford by helping you pre-qualify. During the process, we calculate your borrowing potential - reviewing your earning status, available money for down payment, debts, income, and other areas. We will require a minimum amount of paperwork, and avoid a lengthy process.
While you can use our mortgage calculators on our website, it will be essential to sit down and talk with us. For one thing, you'll want a Pre-Qualification Letter! For another thing, we may locate a different mortgage choice that fits your goals better. We are eager to hear from you: contact us at (443) 619-7900.
Have questions about pre-qualifying? Call us at (443) 619-7900. Hawk Mortgage Group answers pre-qualifying questions every day.