The Importance of Pre-Qualification
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It is valuable to visit with a mortgage loan pro first, even if you haven't decided the kind of house to search for. Why? How can we help you before you have made an offer, and do not yet know the amount you want to borrow?
When we pre-qualify you, we help you decide how much of a monthly mortgage payment you can afford, and the loan amount you can qualify for. We achieve this by considering your income and debts, your employment and housing situations, your available funds for down payment, required reserves, and some other things. It is a quick, thorough process with minimal risks for papercuts.
When you are considered eligible, we prove our confidence in your potential to qualify for a mortgage loan by presenting you with a Pre-Qualification Letter (also called a "pre-qual").
Armed with your pre-qualification letter, some advantages fall at your feet once you locate the home you want to put together an offer on. The first is that you can know what you'll be able to afford when determining your offer.
Of greater importance to the existing home owner, your pre-qualification is like your having entered their front door with a suitcase full of money to make the deal! They won't need to be concerned that they have been wasting their time if you do not be able to qualify for a high enough mortgage. The seller won't wonder if he can count on you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed mortgage loan amount won't cause them concern. You have the capability to back up your offer.
We can help you pre-qualify
When we pre-qualify you, we help you find out how much of a monthly mortgage payment you can fit in your budget, and the loan amount you can qualify for. During this process, we look at your capacity to borrow - reviewing your job, available money for down payment, existing debt, income, and other circumstances. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
You can certainly use the calculators on this site to get an idea of how much mortgage you'll be able to afford - but it's also essential to talk with us. We can work toward your pre-qualification letter. Next, we can review your mortgage loan options and be sure you have selected the right one. We're waiting to meet with 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.