Why Pre-Qualification is Important
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It is helpful to consult with your mortgage professional as soon as possible — even before you have started to consider neighborhoods. Why? Perhaps it is difficult to fathom the ways in which we could help even before you start to talk about prices and negotiations.
We can help you see how much of a mortgage loan you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. We do this by analyzing your income and debts, your employment and residence circumstances, your funds available for down payment, required reserves, and some other things. It's quick and to the point; We keep the paperwork to a minimum.
Once you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which documents the fact that we are partnering with you to find the best loan program to meet your financial needs and that we're confident you will qualify for a loan up to a specific amount.
Various beneifits open to you when you have found your new house, and have achieved pre-qualification. First, it helps you know the amount that you're able to offer.
Even more important to the existing owner, your pre-qualification letter gives them certainty - as if you'd entered their house with a big box of cash to back up the offer! They won't need to worry that that they are wasting their time if you don't be able to qualify for a high enough mortgage loan. The seller won't wonder if he can trust you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed loan amount won't cause them concern. You have the capability to back up your offer.
We help with your pre-qualification
We will help you see how much of a mortgage loan you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. During this process, we determine your borrowing potential - looking at your job, money available for down payment, debts, income, and other circumstances. We as for a minimum amount of paperwork, and avoid a lengthy process.
One on one
You can certainly use the calculators on our site to calculate how much mortgage you will be able to afford - but it's also important to meet with one of our mortgage professionals. That way, we'll help you get your pre-qualification letter. Next, we can study your mortgage loan choices and be sure you are in the right one. We are waiting to hear from you: contact us at (317) 595-9600.
Have questions about pre-qualifying? Call us at (317) 595-9600. We answer pre-qualification questions every day.