When to Speak to a Mortgage Pro
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It is valuable to consult with your mortgage professional early — even before you've started researching neighborhoods. What for? How can we help before you have negotiated a price, and don't yet know how much you want to borrow?
We can help determine how much of a mortgage loan you can afford, and the amount of money you will be able to borrow, by walking you through pre-qualifying. We accomplish this by reviewing your debts and income, your employment and housing situations, the funds available for down payment, required reserves, and some other things. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
After you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), that says that we are helping you to find the ideal loan to fit your financial needs and that we are confident you'll qualify for a loan for up to a certain amount.
With your pre-qualification letter, a number of advantages are yours at the point you find the home you want to make an offer on. The first is that you will know what you'll be able to afford when putting together your offer.
Even more important to the existing owner, your pre-qualification gives them confidence - as if you'd come to their home with a suitcase of cash to back up the offer! They will not have to wonder if that they're wasting their time if you won't be able to be able to qualify for a high enough mortgage. The seller won't worry if he can trust you to qualify for your mortgage in the amount you will need.Your qualifying for the necessary mortgage loan amount will not be something for them to be concerned about. You'll have the influence of a buyer ready to make the purchase on the spot!
We will help you pre-qualify
When we pre-qualify you, we help you figure out how much of a monthly payment you can afford, and the loan amount you will qualify for. During the process, we determine your borrowing capacity - analyzing your employment, available money for down payment, debt, income, and other circumstances. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
You can certainly use the calculators here on this 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. For one thing, you will want a Pre-Qualification Letter! Next, we can study your mortgage choices to make sure you have found the best one. We are eager to meet with you: call us at 952 417 8481.
Have questions about pre-qualifying? Call us at 952 417 8481. It's our job to answer pre-qualification questions, so we're happy to help!