Why it's Important to Pre-Qualify
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It is valuable to bring in your mortgage professional early — even before you've started researching neighborhoods. Why? Maybe it is hard to understand how we could help even before you start to calculate your offer.
Our mortgage professionals can help you determine the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by helping you pre-qualify. During this process, we explore your ability to borrow - analyzing your employment, available money for down payment, existing debt, income, and other areas. It's a short, thorough process with minimal risks for papercuts.
Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that documents the fact that we are working with you to find the ideal mortgage loan program to fit your situation and that we're confident you will qualify for a mortgage up to a specific amount.
Power in the Pre-Qual
Once you locate a house that is best for you, and you want to put together an offer, being pre-qualified for a mortgage will do a number of things. First of all, you have some concrete numbers in mind, as the amount you will qualify for on your loan.
Even more important to the existing owner, your pre-qualification gives them confidence - as if you had arrived at their home with a suitcase of cash to back up the offer! They need not worry that they are wasting their time if you do not have the ability to qualify for a high enough mortgage loan. The seller of the home won't wonder if he can count on you to qualify for your loan.Your qualifying for the necessary 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
When we pre-qualify you, we help you determine the amount you can afford in mortgage payments you can afford, and the loan amount you can qualify for. During the process, we determine your ability to borrow - reviewing your employment, money available for down payment, existing debt, income, and other areas. It is a quick, thorough process with minimal risks for papercuts.
While you are encouraged to try our tools to calculate mortgage variables on this website, it is essential to sit down and talk with us. That way, we will be able to help you get your pre-qualification letter. Then, we'll make sure we have chosen the right mortgage program for you. Let us help you get started: Call 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.