When to Speak to a Mortgage Pro
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It can be valuable to see a mortgage professional first, even if you haven't decided the kind of house to look for. Why? It might be hard to understand how we can help even before you start to talk about prices and negotiations.
Our mortgage professionals can help you determine the loan amount you can qualify for and the monthly payment amount you are able to afford by getting you pre-qualified. We do this by considering your income and debts, your employment and housing circumstances, your available funds 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, we present to you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), which documents the fact that we are partnering with you to find the best mortgage loan to meet your situation and that we're confident you'll qualify for a loan up to a specific amount.
When you find the house that is best for you, and you want to put together an offer, being pre-qualified for a loan will do several things. The first is that you will know the amount you can afford when determining the offer. Of greater importance to the seller, your pre-qualification is like your having walked into their front door with a bag full of cash to purchase the house! They won't have to be concerned that they have been wasting their time if you won't be able to be able to qualify for a high enough mortgage loan. The seller of the home won't be concerned that he won't be able to count on you to qualify for your loan.Your qualifying for your needed mortgage loan amount won't cause them concern. You have the ability to back up your offer.
We help with your pre-qualification
When we pre-qualify you, we help you determine how much of a monthly payment you can fit in your budget, and the loan amount you will qualify for. We accomplish this by reviewing your income and debts, your employment and residence circumstances, your funds available for a down payment, required reserves, and other financial considerations. It's a quick, thorough process with minimal risks for papercuts.
While you are encouraged to try our mortgage calculators on our site, it will be essential to meet with us. For one thing, you will want a Pre-Qualification Letter! For another thing, we could find a different mortgage choice that better fits your needs. Let us help you get started: Contact us at 540-433-6611.
Have questions about pre-qualifying? Call us at 540-433-6611. It's our job to answer pre-qualification questions, so we're happy to help!