The Importance of Pre-Qualifying
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It is helpful to consult your mortgage loan professional as soon as possible — even before you have started narrowing down neighborhoods. What for? What can we do for you if you haven't made an offer, and do not know yet the amount you need to borrow?
We will help you see how much of a mortgage loan you can afford, and how much money you can borrow, by taking you through pre-qualifying. We will accomplish this by considering your debts and income, your work and housing situations, the funds available for a down payment, required reserves, and some other things. It's short and to the point; We keep the paperwork light.
Once you are determined to be eligible, we will prove our confidence in your potential to qualify for a mortgage by giving you a Pre-Qualification Letter (also known as a "pre-qual").
Power in the Pre-Qual
Holding your pre-qualification letter, a number of advantages are yours once you locate the house you want to make an offer for. First, it helps you know the amount that you are able to offer. Your pre-qualification also will make your offer look even better to the home seller, as if you were bringing them a suitcase of cash! They will not need to be concerned they're wasting their time if you will not be able 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 cause them concern. You'll have the sway of a buyer ready to make the purchase on the spot!
We will help you with your pre-qualification
When we pre-qualify you, we help you find out the amount you can afford in monthly mortgage payments you can fit in your budget, and the loan amount you will qualify for. In the process, we determine your capacity to borrow - reviewing your employment, available money for down payment, debts, income, and other circumstances. We will ask for a minimum amount of paperwork, with a short, basic process.
You can certainly use the mortgage calculators available on our site to get an idea of how much mortgage you'll be able to afford - but it's also essential to meet with one of our mortgage professionals. That way, we'll help you get your pre-qualification letter. Then, we can make sure we have selected the right mortgage program for you. Let us get you started: Contact us at (951)840-4188.