Why it's Important to Pre-Qualify
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It is helpful to see a mortgage professional first, even before you have determined what type of home you hope to find. Why? What can we do for you if you haven't negotiated a purchase amount, and do not know yet how much you need to borrow?
When we pre-qualify you, we help you decide the amount in monthly mortgage payments you can fit in your budget, and the loan amount you will qualify for. We will do this by reviewing your income and debts, your employment and residence circumstances, your funds available for down payment, required reserves, and other considerations. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
At the point you are considered eligible, we prove our confidence in your potential to qualify for a mortgage loan by giving you a Pre-Qualification Letter (also known as a "pre-qual").
When you locate the house that is best for you, and you decide to put together an offer, being pre-qualified for a loan will do several things. First, it lets you know the amount that you're able to offer.
Being pre-qualified also will make your offer more attractive to the seller, like you were bringing them a suitcase full of cash! They need not be concerned that they have been wasting their time if you don't be able to qualify for a big enough mortgage. The seller won't be concerned that he won't be able to count on you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount won't cause them concern. You have the capability to back your offer up.
We will help you pre-qualify
We will help you calculate how much of a mortgage you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. The process outlines your current financial situation - your debts, income, career, down payment money, among other things. It's a short, thorough process with minimal risks for papercuts.
It's vital for you to sit down and meet with us, even though you are welcome to also utilize the helpful mortgage calculators on this site. For one thing, you will need a Pre-Qualification Letter! Next, we can consider your mortgage loan options to be sure you have selected the best one. We're waiting to hear from you: contact us at 512-302-9410.
Have questions about pre-qualifying? Call us at 512-302-9410. It's our job to answer pre-qualification questions, so we're happy to help!