Why Pre-Qualification is Important
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It can be important to visit with a mortgage loan pro early, even if you haven't settled on the sort of home you hope to find. Why? It might be hard to understand the ways we can help even before you start to talk about prices and negotiations.
We Can Help You Pre-Qualify
When we pre-qualify you, we help you find out how much of a monthly mortgage payment you can afford, and how much we of a loan you can qualify for. We will accomplish this by reviewing your income and debts, your work and housing circumstances, the available funds for a down payment, required reserves, and other financial considerations. It is a quick, thorough process with minimal risks for papercuts.
After you are considered eligible, we prove our confidence in your potential to qualify for a mortgage loan by presenting you with a Pre-Qualification Letter (also known as a "pre-qual").
Some advantages open to you after you've found your next house, and have achieved pre-qualification. First, you have some general numbers in mind, as the amount you will qualify for on your loan.
Even more important to the seller of the house, your pre-qualification gives them confidence - as if you had come into their home with a bag of cash to make the offer! They will not have to wonder if that they're wasting their time if you don't have the ability to qualify for a high enough mortgage loan. The seller of the home won't be concerned that he won't be able to trust you to qualify for your loan.Your qualifying for your needed loan amount won't be something for them to worry about. You have the capability to back up your offer.
We can help you pre-qualify
We can help you see how much of a mortgage you can afford, and the amount of money you can borrow, by walking you through the pre-qualification process. During the process, we explore your capacity to borrow - analyzing your job, money available for down payment, existing debt, income, and other areas. It's short and basic; and we take pride in keeping the paperwork to a minimum.
Face to Face
You can certainly use the mortgage calculators here on our site to calculate how much mortgage you'll be able to afford - but it's also valuable to talk with us. That way, we'll help you get your pre-qualification letter. Then, we will make sure we have the best mortgage program for your situation. Let us get you started: Contact us at 314-835-1195.
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!