Why Pre-Qualification is Important
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Even if you've not so much as researched homes to view yet, it's valuable to contact your mortgage professional early. Why? When you do not know yet how much house you want to qualify for, how could we help?
Our mortgage professionals will help you calculate the loan amount you can qualify for and the mortgage payment amount you can afford by getting you pre-qualified. This process outlines your finances - your debt, income, job, and down payment money, among other things. It's a quick, thorough process with minimal risks for papercuts.
Once you are determined to be eligible, we document our confidence in your potential to qualify for a mortgage by presenting you with a Pre-Qualification Letter (also called a "pre-qual").
Once you find a house that is best for you, and you decide to put together an offer, being pre-qualified for a loan will do a couple of things. First, it helps you know how much you're able to offer.
More important to the current home owner, your being pre-qualified is like your having walked into their house with a bag full of money to purchase their home! They will not have to worry that they have been wasting their time if you will not have the ability to qualify for a high enough mortgage loan. The seller won't worry if he can count on you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount will not cause them concern. You have the capability to back your offer up.
We can help you pre-qualify
When we pre-qualify you, we help you determine how much of a monthly payment you can fit in your budget, and the size of loan you can qualify for. During the process, we determine your capacity to borrow - looking at your job, money available for down payment, debt, income, and other areas. It's a quick, thorough process with minimal risks for papercuts.
One on one
You can certainly use the mortgage calculators available on this website to calculate the size mortgage you will be able to afford - but it's also important to talk with one of our mortgage professionals. For one thing, you'll need a Pre-Qualification Letter! For another thing, we could locate a different mortgage option that better fits your needs. We are eager to hear from you: call us at (334) 285-8850.
Have questions about pre-qualifying? Call us at (334) 285-8850. We answer pre-qualification questions every day.