Why it's Important to Pre-Qualify
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Even if you've not picked out homes to visit yet, it is advantageous to visit with your mortgage professional early. Why? When you do not know yet how much house you need to qualify for, how could we help?
When we pre-qualify you, we help you decide the amount in mortgage payments you can afford, and the loan amount you will qualify for. During the process, we look at your ability to borrow - analyzing your employment, money available for down payment, existing debt, income, and other areas. It's short and basic; We keep the paperwork light.
After you qualify, will give you a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), that says that we are helping you to find the best mortgage loan to meet your situation and that we're confident you'll qualify for a mortgage for a certain amount.
Power in the Pre-Qual
After you locate a house that meets your needs, and you decide to put together an offer, being pre-qualified for a mortgage will do a number of things. First, you have some concrete numbers in mind, as the total you will qualify for on your mortgage loan.
Even more important to the seller of the house, your pre-qualification gives them confidence - as if you had come to their home with a bag of cash to back up the offer! They will not need to worry that they're wasting their time if you don'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 loan.Your qualifying for the necessary loan amount won't cause them concern. You'll have the sway of a buyer ready to make the purchase on the spot!
We can help you pre-qualify
When we pre-qualify you, we help you figure out how much of a monthly payment you can fit in your budget, and how much we of a loan you can qualify for. We can achieve this by reviewing your debts and income, your work and residence circumstances, your funds available for a down payment, required reserves, and some other things. It's a short, thorough process with minimal risks for papercuts.
Face to Face
You can always use the calculators available on this site to calculate how much mortgage you will be able to afford - but it's also valuable to talk with one of our mortgage professionals. That way, we will help you get your pre-qualification letter. Next, we can consider your mortgage loan choices to be sure you have found the best one. We are eager to hear from you: call us at (405) 822-1957.
Have questions about pre-qualifying? Call us at (405) 822-1957. It's our job to answer pre-qualification questions, so we're happy to help!