When to Talk to a Mortgage Professional About Pre-Qualifying
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It is helpful to see a mortgage professional early, even before you have determined what type of house to look for. Why? How can we help you if you haven't made your offer, and don't know yet the amount you need to borrow?
When we pre-qualify you, we help you figure out the amount in monthly mortgage payments you can afford, and the loan amount you will qualify for. The process leads you through your current financial situation - your debt, income, career, and cash available for down payment, among other things. We ask for a minimum amount of paperwork, and avoid a lengthy process.
When 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 partnering with you to find the best mortgage loan program to meet your needs and that we're confident you will qualify for a mortgage up to a certain amount.
Power in the Pre-Qual
After you find a house that catches your eye, and you want to make an offer, being pre-qualified for a loan will do several things. The first is that you will know what you can afford when putting together your offer.
Even more important to the seller of the home, your pre-qualification status gives them certainty - as if you'd arrived at their house with a big box of cash to make the offer! They will not need to be concerned they have been wasting their time if you will not be able to qualify for a high enough mortgage. The seller won't worry if he can count on you to qualify for your loan.Your qualifying for the necessary mortgage loan amount will not cause them concern. They have a virtual guarantee that they can trust your buying power.
We can help you pre-qualify
We can help you see how much of a mortgage you can afford, and how much money you can borrow, by walking you through the pre-qualification process. We do this by analyzing your debts and income, your work and housing circumstances, your funds available for a down payment, required reserves, and other considerations. We require a minimum amount of paperwork, and avoid a lengthy process.
One on one
It is important to sit down and meet with us, even though you are free to also use the helpful mortgage calculator tools on this site. For one thing, you will need a Pre-Qualification Letter! Then, we can make sure we have chosen the ideal mortgage loan program for you. Contact us at 314-835-1195 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at 314-835-1195. It's our job to answer pre-qualification questions, so we're happy to help!