When to Talk to Your Mortgage Pro About Pre-Qualification
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It is important to visit with a mortgage loan pro early, even before you've determined the kind of home to search for. What for? What can we do for you if you haven't negotiated a price, and do not know yet the amount you need to borrow?
When we pre-qualify you, we help you determine the amount in monthly payments you can afford, and the loan amount you can qualify for. We will accomplish this by considering your income and debts, your employment and housing circumstances, your funds available for a down payment, required reserves, and some other things. We ask for a minimum amount of paperwork, and avoid a lengthy process.
Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), that states that we are working with you to find the best mortgage to meet your situation and that we're confident you'll qualify for a mortgage for a certain amount.
Holding your pre-qualification letter, some advantages are yours when you locate the home you want to put together an offer on. First, it helps you know the amount that you're able to offer.
Having pre-qualification also will make your offer look even better to the home seller, as if you were bringing them a suitcase full of cash! They won't need to be concerned that they're wasting their time if you won't be able to be able to qualify for a big enough mortgage. The seller of the home won't be concerned that he can't trust you to qualify for your loan.Your qualifying for the necessary mortgage loan amount won't be something for them to worry about. You have the capability to back up your offer.
We help with your pre-qualification
Our mortgage professionals can help you find out the loan amount you can qualify for and the monthly payment amount you can afford by helping you pre-qualify. We can achieve this by analyzing your debts and income, your employment and housing circumstances, your available funds for a down payment, required reserves, and other financial considerations. It is a short, thorough process with minimal risks for papercuts.
Face to Face
It's vital to sit down and meet with us, even though you are welcome to also try the helpful mortgage calculators on our website. That way, we'll be able to help you get your pre-qualification letter. Then, we'll make sure we have the right mortgage program for your situation. Let us help you get started: Contact us at 954.920.9799.
Have questions about pre-qualifying? Call us at 954.920.9799. First Southeast Mortgage Corporation answers pre-qualifying questions every day.