Why Pre-Qualification is Important
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Even if you've not narrowed down houses to visit yet, it is advantageous to see your mortgage loan professional first. What for? What can we do for you if you have not negotiated a purchase amount, and do not yet know how much you need to borrow?
When we pre-qualify you, we help you decide the amount in mortgage payments you can afford, and how much we of a loan you will qualify for. We accomplish this by considering your income and debts, your work and residence situations, the available funds for down payment, required reserves, and some other things. It's a short, thorough process with minimal risks for papercuts.
After you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), that says that we are helping you to find the ideal mortgage loan program to fit your situation and that we're confident you'll qualify for a loan for up to a certain amount.
Various advantages open to you after you've found your next house, and have pre-qualification power. First, it lets you know the amount that you can offer.
Having pre-qualification will also make your offer more attractive to the seller, like you were bringing them a suitcase of cash! They will not need to be concerned that they're wasting their time if you can't be able to qualify for a big 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 your needed loan amount will not cause them concern. You can have the influence of a buyer ready to make the purchase right now!
We will help you with your pre-qualification
Our mortgage professionals will help you calculate how much of a loan you can qualify for and the mortgage payment amount you are able to afford by getting you pre-qualified. This process outlines your finances - your debts, income, employment, down payment money, among other things. It's short and basic; and we take pride in keeping the paperwork to a minimum.
One on one
While you are encouraged to benefit from our tools to calculate mortgage variables on this site, it is a good idea to sit down and talk with us. We can begin working on your pre-qualification letter. Then, we will make sure we have the ideal mortgage program for your situation. Contact us at 314-835-1195 to get started.
Have questions about pre-qualifying? Call us at 314-835-1195. Alternative Mortgage Solutions, Inc. answers pre-qualifying questions every day.