Why it's Important to Pre-Qualify
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Even if you've not narrowed down homes to visit yet, it's advantageous to contact your mortgage loan professional first. Why? How can we help you if you have not negotiated a price, and do not know yet the amount you need to borrow?
We will help you see how much of a mortgage loan you can afford, and how much money you may be able to borrow, by walking you through the pre-qualification process. We can accomplish this by reviewing your debts and income, your work and housing circumstances, your funds available for a down payment, required reserves, and some other things. We require a minimum amount of paperwork, and avoid a lengthy process.
Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), that says that we are partnering with you to find the ideal loan to meet your situation and that we are confident you will qualify for a mortgage up to a certain amount.
Holding your pre-qualification letter, a number of advantages are yours when you find the home you want to put together an offer on. First of all, you have some general numbers in mind, as the amount you can borrow.
Even more important to the current owner, your pre-qualification letter gives them confidence - as if you'd arrived at their house with a big box of cash to make the offer! They need not worry that they have been wasting their time if you will not have the ability 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 loan amount will not cause them concern. You have the ability to back up your offer.
We help with your pre-qualification
When we pre-qualify you, we help you find out the amount you can afford in monthly payments you can afford, and how much we of a loan you can qualify for. We will accomplish this by reviewing your income and debts, your work and residence situations, the available funds for down payment, required reserves, and some other things. We will require a minimum amount of paperwork, and avoid a lengthy process.
One on one
It's vital to sit down and meet with us, even though you are free to also utilize the helpful mortgage loan calculator tools on this website. We can walk you through your pre-qualification letter. For another thing, we could locate a different mortgage program that is a better fit for you. We're waiting to hear from you: contact us at (443) 619-7900.
Have questions about pre-qualifying? Call us at (443) 619-7900. It's our job to answer pre-qualification questions, so we're happy to help!