Why Pre-Qualification is Important
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Even if you've not so much as picked out houses to view yet, it can be valuable to visit with your mortgage loan professional first. What for? If you don't yet know how much house you need to qualify for, what can we help you with?
We will help you see how much of a mortgage you can afford, and the amount of money you can borrow, by taking you through the pre-qualification process. This process leads you through your finances - your debt, income, career, and cash available for down payment, among other things. It is a short, thorough process with minimal risks for papercuts.
When you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which says that we are helping you to find the best mortgage loan program to meet your needs and that we are confident you'll qualify for a loan up to a certain amount.
Various advantages open to you when you've found your next house, and have achieved pre-qualification power. The first is that you'll be sure what you can afford when calculating the offer.
More important to the home seller, your pre-qualification is like your having entered their house with a suitcase full of money to make the deal! They will not need to wonder if they are wasting their time if you will not be able to qualify for a high enough mortgage loan. The seller 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 won't be something for them to fret over. You have the ability to back up your offer.
We will 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 accomplish this by considering your income and debts, your work and residence circumstances, the available funds for a down payment, required reserves, and other financial considerations. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
It's important for you to sit down and talk with us, even though you are welcome to also utilize the helpful mortgage calculators on this website. We can work toward your pre-qualification letter. Then, we'll make sure we have selected the ideal mortgage program for you. Let us help you get started: Contact us at 310-379-5997.
Have questions about pre-qualifying? Call us at 310-379-5997. It's our job to answer pre-qualification questions, so we're happy to help!