The Importance of Pre-Qualification
It can be important to visit with a mortgage professional first, even if you haven't settled on the kind of home to search for. Why? When you don't yet know how much home you want to qualify for, how could we help?
We Will Help You Pre-Qualify
When we pre-qualify you, we help you decide the amount in monthly mortgage payments you can afford, and the loan amount you will qualify for. This process walks you through your current financial situation - your debts, income, job, and down payment money, among other things. We require a minimum amount of paperwork, with a short,basic process.
Once you qualify, will give you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which says that we are working with you to find the ideal mortgage loan program to fit your financial needs and that we are confident you'll qualify for a mortgage loan for up to a certain amount.
After you locate the house that meets your needs, and you want to put together an offer, being pre-qualified for a mortgage will do several things. First of all, you have some general numbers in mind, as the total you will qualify for with your mortgage.
Even more important to the existing owner, your pre-qualification letter gives them confidence - as if you had entered their house with a suitcase of cash to back up the offer! They won't have to be concerned that they're wasting their time if you can't be able to qualify for a big enough mortgage. The seller won't wonder if he can trust you to qualify for your loan.Your qualifying for the necessary loan amount will not be something for them to fret over. You have the capability to back your offer up.
We can help you pre-qualify
We can help you see how much of a mortgage you can afford, and the amount of money you will be able to borrow, by taking you through the pre-qualification process. We accomplish this by considering your debts and income, your employment and residence situations, your funds available for down payment, required reserves, and other considerations. It's quick and basic; and we take pride in keeping the paperwork light.
Face to Face
You can always use the mortgage calculators available on our site to get an idea of how much mortgage you will be able to afford - but it's also valuable to meet with one of our mortgage professionals. That way, we'll be able to help you get your pre-qualification letter. Next, we can review your loan options to be sure you are in the best one. We are eager to meet with you: call us at 714-737-6717.
Have questions about pre-qualifying? Call us at 714-737-6717. Straight Talk Lending answers pre-qualifying questions every day.