Why it's Important to Pre-Qualify
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It is valuable to bring in your mortgage professional early — even before you have started to research neighborhoods. Why? Maybe it's hard to understand the way we can help even before you start to talk about prices and negotiations.
When we pre-qualify you, we help you determine the amount in monthly payments you can afford, and the loan amount you will qualify for. We accomplish this by reviewing your income and debts, your work and housing situations, the funds available for down payment, required reserves, and other considerations. It's a short, thorough process with minimal risks for papercuts.
Once you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), which says that we are helping you to find the right mortgage loan program to meet your needs and that we're confident you will qualify for a loan up to a certain amount.
Armed with your pre-qualification letter, several advantages are yours when you find the home you want to put together an offer for. First of all, you have some concrete numbers in mind, as the total you will be able to borrow.
Having pre-qualification also will make your offer more attractive to the home seller, like you were bringing them a suitcase of cash! They won't need to be concerned that they're wasting their time if you don't be able to qualify for a high enough mortgage. The seller won't be concerned that he won't be able to trust you to qualify for your loan.Your qualifying for your needed mortgage loan amount won't cause them concern. They have a virtual guarantee that they can trust your buying power.
We will help you with your pre-qualification
We will help you calculate the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by helping you pre-qualify. This process leads you through your finances - your debts, income, job, cash available for down payment, among other things. It's quick and basic; and we take pride in keeping the paperwork light.
While you are able to benefit from our tools to calculate mortgage variables on this site, it is essential to sit down and talk with one of our mortgage professional team members. That way, we'll be able to help you get your pre-qualification letter. For another thing, we might be able to locate a different mortgage loan option that is a better fit for you. Contact us at 281.440.8282 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at 281.440.8282. It's our job to answer pre-qualification questions, so we're happy to help!