The Importance of Pre-Qualifying
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Even if you've not narrowed down houses to visit yet, it can be valuable to contact your mortgage professional first. Why? How can we help you if you have not negotiated an amount, and don't yet know how much you need to borrow?
Our mortgage professionals will help you determine how much of a loan you can qualify for and the mortgage payment amount you can afford by helping you pre-qualify. We do this by considering your income and debts, your work and housing circumstances, your available funds for a down payment, required reserves, and some other things. It's a quick, thorough process with minimal risks for papercuts.
Once you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), that states that we are helping you to find the best loan to meet your needs and that we're confident you will qualify for a loan up to a specific amount.
Holding your pre-qualification letter, a number of advantages fall at your feet when you locate the home you want to make an offer for. First of all, you have some concrete numbers in mind, as the amount you can borrow. Being pre-qualified can also make your offer look even better to the home seller, as if you were bringing them a big box of cash! They won't need to wonder if that they are wasting their time if you don't have the ability to qualify for a big enough mortgage loan. The seller of the home won't worry if he can trust you to qualify for your mortgage in the amount you will need.Your qualifying for the necessary loan amount won't cause them concern. You have the ability to back your offer up.
We will help you pre-qualify
When we pre-qualify you, we help you figure out how much of a monthly payment you can afford, and the size of loan you can qualify for. This process walks you through your finances - your debt, income, career, down payment money, among other things. We will require a minimum amount of paperwork, and avoid a lengthy process.
Face to Face
You can certainly use the mortgage calculators available on this site to calculate the size mortgage you can afford - but it's also essential to talk with one of our mortgage professionals. That way, we'll help you get your pre-qualification letter. Next, we can review your loan options to be sure you are in the right one. We are eager to hear from you: call us at 303.399.2154.
Have questions about pre-qualifying? Call us at 303.399.2154. It's our job to answer pre-qualification questions, so we're happy to help!