When to Talk to a Mortgage Professional About Pre-Qualification
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Even if you have not researched homes to view yet, it's advantageous to contact your mortgage pro first. What for? It may be difficult to understand the ways we can help even before you start to talk about prices and negotiations.
We Will Help You Pre-Qualify
When we pre-qualify you, we help you decide the amount in monthly mortgage payments you can afford, and how much we of a loan you will qualify for. The process walks you through your financial situation - your debt, income, career, and down payment money, among other things. It is a short, thorough process with minimal risks for papercuts.
At the point you are considered eligible, we document our confidence in your capacity to qualify for a loan by awarding you a Pre-Qualification Letter (also known as a "pre-qual").
Power in the Pre-Qual
Some advantages open to you when you find your new house, and have pre-qualification power. First of all, you have some concrete numbers in mind, as the total you will qualify for with your mortgage.
Even more important to the seller of the home, your pre-qualification status gives them certainty - as if you'd come into their house with a suitcase of cash to make the offer! They won't have to wonder if they are wasting their time if you do not have the ability 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 mortgage loan amount will not be something for them to be concerned about. They have a virtual guarantee to trust your ability to back up your offer.
We can help you pre-qualify
We will help you calculate how much of a loan you can qualify for and the mortgage payment amount you can afford by helping you pre-qualify. We can do this by reviewing your debts and income, your work and residence situations, the funds available for a down payment, required reserves, and some other things. It's short and to the point; and we keep the paperwork light.
Face to Face
You can always use the calculators available on our website to get an idea of how much mortgage you'll be able to afford - but it's also valuable to meet with one of our mortgage professionals. That way, we'll be able to help you get your pre-qualification letter. For another thing, we may locate a different mortgage loan option that fits your needs better. We are eager to hear from you: call us at 801.255.6582.
Have questions about pre-qualifying? Call us at 801.255.6582. We answer pre-qualification questions every day.