The Importance of Pre-Qualification
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Even if you've not narrowed down houses to view yet, it's important to see your mortgage loan professional early. What for? What can we do for you if you have not negotiated a purchase amount, and do not yet know the amount you want to borrow?
Our mortgage professionals can help you find out the loan amount you can qualify for and the monthly payment amount you are able to afford by getting you pre-qualified. During the process, we calculate your borrowing power - looking at your job, money available for down payment, debt, income, and other areas. We ask for a minimum amount of paperwork, with a quick process.
After you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which states that we are working with you to find the right mortgage loan program to meet your situation and that we are confident you will qualify for a mortgage loan for up to a specific amount.
When you find a house that is best for you, and you decide to put together an offer, being pre-qualified for a mortgage will do several things. First of all, you have some definite numbers in mind, as the total you will be able to borrow.
Even more important to the seller of the house, your pre-qualification status gives them certainty - as if you'd arrived at their home with a bag of cash to make the offer! They need not wonder if they are wasting their time if you won't be able to be able 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'll need.Your qualifying for your needed mortgage loan amount will not be something for them to fret over. They have a virtual guarantee that they can trust your buying power.
We help with your pre-qualification
When we pre-qualify you, we help you find out how much of a monthly mortgage payment you can fit in your budget, and how much we of a loan you can qualify for. We achieve this by reviewing your debts and income, your work and residence circumstances, your available funds for a down payment, required reserves, and some other things. It is a short, thorough process with minimal risks for papercuts.
While you are able to benefit from our tools to calculate mortgage variables on our site, it's a good idea to meet with us. We can work toward your pre-qualification letter. Next, we can consider your mortgage program options and make sure you are in the best one. We are waiting to meet with you: contact us at (407) 889-4321.
Have questions about pre-qualifying? Call us at (407) 889-4321. The Mortgage Firm - Team Meyers answers pre-qualifying questions every day.