Why Pre-Qualification is Important
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It's helpful to bring in your mortgage professional early — even before you have started narrowing down neighborhoods. Why? When you do not yet know how much home you need to qualify for, how can we help?
We Can Help You Pre-Qualify
We will help you calculate how much of a mortgage you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. During this process, we explore your borrowing potential - reviewing your employment, money available for down payment, debts, income, and other areas. It's a short, thorough process with minimal risks for papercuts.
Once you qualify, will give you a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which says that we are partnering with you to find the right mortgage to meet your financial needs and that we're confident you'll qualify for a mortgage up to a specific amount.
With your pre-qualification letter, a number of advantages fall at your feet once you locate the house you want to put together an offer on. First, it lets you know how much you're able to offer.
Even more important to the seller, your pre-qualification status gives them certainty - as if you'd arrived at their home with a big box of cash to make the offer! They won't need to wonder if that they have been wasting their time if you can't be able to qualify for a big enough mortgage. The seller of the home won't be concerned that he can't trust you to qualify for your loan.Your qualifying for your needed mortgage loan amount won't be something for them to worry about. You have the ability to back your offer up.
We will help you pre-qualify
When we pre-qualify you, we help you decide how much of a monthly payment you can afford, and the loan amount you can qualify for. We achieve this by analyzing your debts and income, your work and housing circumstances, your available funds for a down payment, required reserves, and some other things. It's quick and to the point; and we keep the paperwork to a minimum.
Face to Face
While you are able to use our mortgage calculators on our website, it is essential to sit down and talk with us. For one thing, you'll want a Pre-Qualification Letter! For another thing, we might locate a different mortgage loan option that fits your goals better. Contact us at (860) 658-7100 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at (860) 658-7100. Ward Kilduff Mortgage answers pre-qualifying questions every day.