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Even if you have not narrowed down houses to view yet, it's important to contact your mortgage pro first. Why? What can we do for you if you haven't negotiated an amount, and don't yet know how much you need to borrow?
We Will Help You Pre-Qualify
We can help you calculate how much of a mortgage loan you can afford, and the amount of money you can borrow, by taking you through pre-qualifying. During this process, we determine your borrowing potential - reviewing your earning status, available money for down payment, debts, income, and other circumstances. It's a quick, thorough process with minimal risks for papercuts.
When you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which states that we are working with you to find the right mortgage loan program to meet your needs and that we're confident you'll qualify for a loan up to a certain amount.
With your pre-qualification letter, some advantages fall at your feet when you locate the home you want to put together an offer on. First of all, you have some concrete numbers in mind, as the total you will qualify for on your mortgage loan.
Even more important to the seller of the home, your pre-qualification letter gives them confidence - as if you'd entered their house with a suitcase of cash to back up the offer! They need not wonder if they have been wasting their time if you do not be able to qualify for a high enough mortgage. The seller won't wonder if he can count on you to qualify for your mortgage in the amount you will need.Your qualifying for your needed loan amount will not be something for them to lose sleep over. They have a virtual guarantee that they can trust your ability to back up your offer.
We will help you pre-qualify
Our mortgage professionals will help you determine how much of a loan you can qualify for and the monthly mortgage payment amount you are able to afford by getting you pre-qualified. We accomplish this by reviewing your income and debts, your employment and residence circumstances, the available funds for down payment, required reserves, and other considerations. It's a quick, thorough process with minimal risks for papercuts.
Face to Face
While you are able to use our tools to calculate mortgage variables on this site, it's essential to sit down and talk with one of our mortgage professional team members. That way, we will help you get your pre-qualification letter. Next, we can consider your mortgage options to be sure you have found the right one. Let us help you get started: Call us at 504-866-5626.
Have questions about pre-qualifying? Call us at 504-866-5626. Coastal Mortgage Corp. answers pre-qualifying questions every day.