When to Speak to Your Mortgage Professional About Pre-Qualification
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It is valuable to visit with a mortgage professional early, even if you haven't decided what type of house to search for. Why? How can we help you before you have made an offer, and do not know yet the amount you need to borrow?
When we pre-qualify you, we help you determine the amount in mortgage payments you can fit in your budget, and how much we of a loan you will qualify for. The process takes you through your current financial situation - your debt, income, job, and cash available for down payment, among other things. We will require a minimum amount of paperwork, and avoid a lengthy process.
We will award you a Pre-Qualification Letter when you qualify, which documents that we're confident you can qualify for up to a certain amount of mortgage loan dollars.
Armed with your pre-qualification letter, a number of advantages are yours when you locate the home you want to make an offer for. The first is that you'll know what you'll be able to afford when putting together the offer.
More important to the existing home owner, your pre-qualification is like your having entered their house with a bag full of money ready to purchase the home! They need not be concerned that they have been wasting their time if you will not be able to qualify for a high enough mortgage. The seller won't wonder if he can count on you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed loan amount will not be something for them to lose sleep over. You will have the influence of a buyer ready to make the purchase right now!
We can help you pre-qualify
We can help you calculate the loan amount you can qualify for and the monthly mortgage payment amount you can afford by getting you pre-qualified. We will do this by reviewing your income and debts, your employment and residence circumstances, the available funds for a down payment, required reserves, and other considerations. It is a quick, thorough process with minimal risks for papercuts.
One on one
You can always use the mortgage calculators on this website to calculate how much mortgage you can afford - but it's also valuable to talk with one of our mortgage professionals. We can walk you through your pre-qualification letter. For another thing, we could locate a different mortgage program that is a better fit for you. Contact us at (860) 658-7100 to get started.
Have questions about pre-qualifying? Call us at (860) 658-7100. We answer pre-qualification questions every day.
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