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Even if you've not so much as researched houses to view yet, it's valuable to visit with your mortgage professional early. Why? If you don't know yet how much home you need to qualify for, how could we help?
We Will Help You Pre-Qualify
We will help you calculate how much of a mortgage you can afford, and how much money you will be able to borrow, by taking you through the pre-qualification process. The process outlines your current financial situation - your debt, income, job, and cash available for down payment, among other things. We will require a minimum amount of paperwork, and avoid a lengthy process.
Once you qualify, we give you a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), that states that we are helping you to find the best loan program to fit your financial needs and that we're confident you will qualify for a mortgage loan up to a specific amount.
Armed with your pre-qualification letter, some advantages are yours when you find the house you want to make an offer for. First, it lets you know the amount that you can offer.
Even more important to the seller of the house, your pre-qualification status gives them confidence - as if you'd arrived at their home with a big box of cash to make the offer! They won't have to be concerned that they're wasting their time if you don't be able to qualify for a high enough mortgage loan. The seller won't be concerned that he won't be able to count on you to qualify for your loan.Your qualifying for the necessary loan amount will not cause them concern. You have the capability to back up your offer.
We help with your pre-qualification
When we pre-qualify you, we help you decide the amount you can afford in monthly mortgage payments you can afford, and how much we of a loan you will qualify for. We accomplish this by considering your debts and income, your employment and residence circumstances, the available funds for down payment, required reserves, and some other things. It's a quick, thorough process with minimal risks for papercuts.
It is vital to sit down and meet with us, even though you are free to also utilize the helpful mortgage calculators on this site. For one thing, you will want a Pre-Qualification Letter! Then, we can make sure we have selected the ideal mortgage program for you. Contact us at (334) 285-8850 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at (334) 285-8850. First Community Bank of Central Al. answers pre-qualifying questions every day.