When to Talk to Your Mortgage Professional About Pre-Qualification
Even if you haven't so much as picked out houses to view yet, it can be valuable to see your mortgage pro early. What for? It may be difficult to fathom the ways we can help even before you start to negotiate.
We can help you calculate the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by helping you pre-qualify. We achieve this by reviewing your income and debts, your work and housing circumstances, your available funds for a down payment, required reserves, and some 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 may refer to it as a "pre-qual"), which says that we are helping you to find the best mortgage to meet your needs and that we are confident you will qualify for a mortgage up to a specific amount.
With your pre-qualification letter, some advantages fall at your feet once you find the home you want to make an offer for. The first is that you will know what you'll be able to afford when putting together your offer.
Of greater importance to the current home owner, your pre-qualification is like your having walked into their house with a suitcase full of money ready to purchase the home! They will not need to worry that they are wasting their time if you can't be able to qualify for a high enough mortgage. The seller of the home won't be concerned that he won't be able to trust you to qualify for your loan.Your qualifying for the necessary mortgage loan amount won't cause them concern. They have a virtual guarantee to trust your buying power.
We will help you with your pre-qualification
We will help you determine the loan amount you can qualify for and the mortgage payment amount you can afford by helping you pre-qualify. The process outlines your financial situation - your debt, income, job, cash available for down payment, among other things. It's short and basic; and we take pride in keeping the paperwork light.
Face to Face
While you can benefit from our tools to calculate mortgage variables on this website, it's essential to sit down and talk with us. We can walk you through your pre-qualification letter. Then, we'll make sure we have the ideal mortgage loan program for you. Contact us at 401-886-4261 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at 401-886-4261. It's our job to answer pre-qualification questions, so we're happy to help!