When to Talk to Your Mortgage Professional About Pre-Qualification
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It's helpful to consult your mortgage professional as soon as possible — even before you've started narrowing down neighborhoods. Why? When you don't know yet how much home you need to qualify for, what could we do for you?
When we pre-qualify you, we help you determine the amount in monthly mortgage payments you can fit in your budget, and the size of loan you can qualify for. We can accomplish this by considering your debts and income, your work and housing circumstances, your available funds for a down payment, required reserves, and other considerations. It's quick and to the point; We take pride in keeping the paperwork to a minimum.
Once you qualify, will present to you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which says that we are partnering with you to find the right mortgage to fit your needs and that we are confident you will qualify for a mortgage loan for up to a specific amount.
Power in the Pre-Qual
Armed with your pre-qualification letter, a number of advantages are yours at the point you find the house you want to make an offer for. The first is that you can be sure what you'll be able to afford when putting together your 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 won't need to wonder if they're wasting their time if you will not 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 your needed loan amount won't be something for them to worry about. You'll have the sway of a buyer ready to make the purchase right now!
We will help you with your pre-qualification
When we pre-qualify you, we help you decide the amount you can afford in monthly payments you can afford, and how much we of a loan you can qualify for. In the process, we calculate your borrowing power - reviewing your employment, money available for down payment, existing debt, income, and other areas. We will require a minimum amount of paperwork, and avoid a lengthy process.
One on one
You can certainly use the mortgage calculators on this site to get an idea of how much mortgage you'll be able to afford - but it's also essential to meet with us. That way, we'll help you get your pre-qualification letter. Then, we'll make sure we have chosen the right mortgage program for you. We're waiting to hear from you: contact us at (805) 496-7500.
Have questions about pre-qualifying? Call us at (805) 496-7500. It's our job to answer pre-qualification questions, so we're happy to help!