Why Pre-Qualification is Important
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Even if you've not narrowed down houses to view yet, it is valuable to see your mortgage professional first. What for? Perhaps it is difficult to understand the ways we can help even before you start to calculate your offer.
We Can Help You Pre-Qualify
We will help determine how much of a mortgage you can afford, and how much money you can borrow, by taking you through pre-qualifying. We accomplish this by reviewing your income and debts, your employment and housing situations, the available funds for down payment, required reserves, and some other things. We ask for a minimum amount of paperwork, and avoid a lengthy process.
When you are considered eligible, we will prove our confidence in your potential to qualify for a loan by awarding you a Pre-Qualification Letter (also known as a "pre-qual").
Once you locate the house that catches your eye, and you want to put together an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know the amount that you're able to offer.
Even more important to the seller, your pre-qualification gives them certainty - as if you had come into their home with a big box of cash to back up the offer! They won't have to wonder if they are wasting their time if you do not be able to qualify for a big enough mortgage loan. The seller won't be concerned that he won't be able to trust 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 be concerned about. You have the ability to back your offer up.
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. In this process, we explore your borrowing capacity - looking at your employment, available money for down payment, debt, income, and other circumstances. It's quick and basic; and we keep the paperwork to a minimum.
It is important for you to sit down and talk with us, even though you are free to also utilize the helpful mortgage loan calculator tools on our site. That way, we'll help you get your pre-qualification letter. Then, we will make sure we have selected the ideal mortgage program for you. Contact us at (860) 658-7100 to get started.
Have questions about pre-qualifying? Call us at (860) 658-7100. Ward Kilduff Mortgage answers pre-qualifying questions every day.