The Importance of Pre-Qualifying
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It is important to bring in your mortgage professional as soon as possible — even before you have started to research neighborhoods. What for? If you do not yet know how much house you need to qualify for, how can we help?
We Will Help You Pre-Qualify
When we pre-qualify you, we help you decide how much of a monthly mortgage payment you can fit in your budget, and the loan amount you will qualify for. We can do this by reviewing your debts and income, your employment and housing circumstances, the available funds for down payment, required reserves, and some other things. It's short and to the point; We take pride in keeping the paperwork to a minimum.
After you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which documents the fact that we are working with you to find the ideal loan program to fit your needs and that we're confident you will qualify for a mortgage loan for a certain amount.
Some beneifits open to you when you've found your dream house, and have pre-qualification. The first is that you will be sure the amount you'll be able to afford when determining the offer.
Your pre-qualification will also make your offer look even better to the home seller, as if you were bringing them a suitcase full of cash! They won't need to worry that they're wasting their time if you will not be able to qualify for a high enough mortgage. The seller of the home won't be concerned that he can't count on you to qualify for your mortgage in the amount you'll need.Your qualifying for the necessary mortgage loan amount will not be something for them to lose sleep over. They have a virtual guarantee that they can trust your ability to back up your offer.
We will help you with your pre-qualification
We will help determine how much of a mortgage loan you can afford, and how much money you can borrow, by walking you through pre-qualifying. During the process, we explore your capacity to borrow - looking at your earning status, money available for down payment, debts, income, and other areas. We will ask for a minimum amount of paperwork, with a quick process.
Face to Face
You can certainly use the calculators here on this website to calculate the size mortgage you'll be able to afford - but it's also essential to talk with us. For one thing, you will want a Pre-Qualification Letter! Next, we can review your loan choices and be sure you have chosen the best one. We are eager to meet with you: contact us at (860) 658-7100.
Have questions about pre-qualifying? Call us at (860) 658-7100. We answer pre-qualification questions every day.