Why it's Important to Pre-Qualify
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It's important to see a mortgage loan pro early, even before you've determined the kind of house you hope to find. Why? What can we do for you if you have not made your offer, and do not know yet the amount you need to borrow?
We can help you calculate the loan amount you can qualify for and the mortgage payment amount you can afford by getting you pre-qualified. During this process, we explore your borrowing capacity - looking at your employment, money available for down payment, debt, income, and other areas. It's short and to the point; We take pride in keeping the paperwork to a minimum.
When you qualify, will present to you a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), that states that we are partnering with you to find the right loan to meet your needs and that we are confident you will qualify for a loan up to a certain amount.
When you locate the house that catches your eye, and you want to put together an offer, being pre-qualified for a mortgage loan will do a couple of things. First, it helps you know the amount that you're able to offer.
Your pre-qualification also will make your offer more attractive to the seller, as if you were bringing them a bag full of cash! They will not need to be concerned that they have been wasting their time if you won't be able to be able to qualify for a big enough mortgage. The seller of the home won't worry if he can trust you to qualify for your loan.Your qualifying for the necessary loan amount won't be something for them to worry about. You have the capability to back your offer up.
We help with your pre-qualification
We will help you calculate how much of a loan you can qualify for and the monthly mortgage payment amount you can afford by helping you pre-qualify. This process outlines your financial situation - your debt, income, employment, cash available for down payment, among other things. It's short and to the point; and we keep the paperwork light.
While you are encouraged to use our mortgage calculators on this site, it's essential to sit down and talk with one of our mortgage professional team members. That way, we'll be able to help you get your pre-qualification letter. For another thing, we might be able to find a different mortgage program that better fits your needs. 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.
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