The Importance of Pre-Qualification
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Even if you've not so much as picked out homes to view yet, it is important to contact your mortgage professional early. What for? What can we do for you if you have not negotiated a price, and do not know yet how much you want to borrow?
We can help you calculate how much of a loan you can qualify for and the monthly payment amount you are able to afford by getting you pre-qualified. This process outlines your current financial situation - your debt, income, employment, and down payment money, among other things. We will require a minimum amount of paperwork, and avoid a lengthy process.
After you qualify, will give you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that states that we are helping you to find the ideal loan program to meet your financial needs and that we are confident you'll qualify for a loan for a certain amount.
Power in the Pre-Qual
When you locate the house that is ideal for you, and you decide to put together an offer, being pre-qualified for a mortgage loan will do several things. First, you have some concrete numbers in mind, as the amount you will be able to borrow.
Being pre-qualified also will make your offer look even better to the seller, like you were bringing them a suitcase of cash! 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. The seller won't wonder if he can count on you to qualify for your loan.Your qualifying for the necessary loan amount will not cause them concern. You have the sway of a buyer ready to make the deal right now!
We will help you with your pre-qualification
We can help determine how much of a mortgage loan you can afford, and how much money you can borrow, by walking you through the pre-qualification process. During this process, we look at your borrowing capacity - reviewing your earning status, available money for down payment, debts, income, and other areas. It is a short, thorough process with minimal risks for papercuts.
While you are encouraged to try our tools to calculate mortgage variables on our website, it is a good idea to sit down and talk with one of our mortgage professional team members. That way, we'll be able to help you get your pre-qualification letter. Next, we can review your mortgage loan choices and make sure you have selected the right one. We're waiting to meet with you: call us at 561-395-4264.
Have questions about pre-qualifying? Call us at 561-395-4264. Alternative Mortgage Group answers pre-qualifying questions every day.