When to Speak to Your Mortgage Pro About Pre-Qualification
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It's helpful to visit with a mortgage professional first, even before you have decided what type of home you hope to find. What for? How can we help you before you have negotiated a price, and don't know yet how much you want to borrow?
We will help you find out how much of a loan you can qualify for and the monthly mortgage payment amount you can afford by helping you pre-qualify. In this process, we explore your borrowing capacity - analyzing your job, money available for down payment, debt, income, and other areas. It's short and basic; We take pride in keeping the paperwork to a minimum.
After you qualify, we present to you a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), that states that we are helping you to find the right loan to meet your financial needs and that we're confident you'll qualify for a mortgage up to a certain amount.
A number of beneifits open to you once 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 seller, 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 will not need to wonder if they have been wasting their time if you won't be able to have the ability to qualify for a big enough mortgage. The seller won't be concerned that he can't trust you to qualify for your loan.Your qualifying for the necessary loan amount won't be something for them to be concerned about. They have a virtual guarantee that they can trust your ability to back up your offer.
We can help you pre-qualify
We will help you calculate how much of a mortgage loan you can afford, and the amount of money you can borrow, by walking you through the pre-qualification process. We do this by considering your debts and income, your work and residence circumstances, the available funds for down payment, required reserves, and other financial considerations. It is a short, thorough process with minimal risks for papercuts.
You can certainly use the mortgage calculators on this site to calculate the size mortgage you will be able to afford - but it's also important to meet with one of our mortgage professionals. For one thing, you'll want a Pre-Qualification Letter! Next, we can review your loan choices to make sure you have chosen the best one. We are waiting to meet with 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.