The Importance of Pre-Qualification
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Even if you've not researched houses to visit yet, it's valuable to see your mortgage loan professional early. What for? When you don't know yet how much home you need to qualify for, how could we help?
Our mortgage professionals can help you determine how much of a loan you can qualify for and the mortgage payment amount you are able to afford by getting you pre-qualified. In this process, we explore your borrowing power - looking at your employment, money available for down payment, debt, income, and other circumstances. We will require a minimum amount of paperwork, with a short,basic process.
After you qualify, will present to you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), that says that we are helping you to find the right loan to fit your financial needs and that we're confident you will qualify for a mortgage for a certain amount.
Armed with your pre-qualification letter, a number of advantages are yours once you locate the house you want to put together an offer on. First, it helps you know how much you're able to offer.
More important to the home seller, your pre-qualification is like your having walked into their house with a bag full of money to purchase the house! They won't have to be concerned that they have been wasting their time if you can't have the ability to qualify for a big enough mortgage. The seller won't be concerned that he won't be able to trust you to qualify for your mortgage in the amount you'll need.Your qualifying for the necessary mortgage loan amount will not cause them concern. You have the capability to back up your offer.
We will help you pre-qualify
We can help you calculate how much of a mortgage you can afford, and the amount of money you can borrow, by taking you through the pre-qualification process. We will achieve this by reviewing your income and debts, your work and housing situations, the funds available for a down payment, required reserves, and some other things. It's a short, thorough process with minimal risks for papercuts.
You can certainly use the calculators on this site to get an idea of how much mortgage you will be able to afford - but it's also essential to talk with us. For one thing, you'll want a Pre-Qualification Letter! For another thing, we could be able to locate a different mortgage loan option that fits your situation better. Let us get you started: Contact us at (805) 496-7500.
Have questions about pre-qualifying? Call us at (805) 496-7500. Strategic Home Loans, Inc. answers pre-qualifying questions every day.