Why it's Important to Pre-Qualify
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It can be helpful to see a mortgage professional first, even if you haven't settled on what sort of house to look for. Why? What can we do for you if you haven't negotiated a price, and do not know yet how much you want to borrow?
Our mortgage professionals can help you find out the loan amount you can qualify for and the mortgage payment amount you are able to afford by getting you pre-qualified. We achieve this by analyzing your income and debts, your employment and residence situations, your available funds for down payment, required reserves, and some other things. It's short and basic; We keep the paperwork light.
Once you qualify, will present to you a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), that documents the fact that we are partnering with you to find the right loan program to fit your needs and that we are confident you will qualify for a mortgage for a specific amount.
Power in the Pre-Qual
Some advantages open to you once you find your next house, and have achieved pre-qualification power. First, it lets you know the amount that you're able to offer.
More important to the existing home owner, your being pre-qualified is like your having entered their house with a bag full of money ready to make the deal! They won't need to be concerned that they have been wasting their time if you do not have the ability 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 loan.Your qualifying for the necessary loan amount will not cause them concern. You'll have the influence of a buyer ready to make the purchase on the spot!
We can help you pre-qualify
Our mortgage professionals will help you determine the loan amount you can qualify for and the monthly mortgage payment amount you can afford by helping you pre-qualify. We accomplish this by considering your debts and income, your work and housing circumstances, the available funds for a down payment, required reserves, and some other things. It's short and basic; and we take pride in keeping the paperwork light.
You can always use the mortgage calculators here on our site to get an idea of how much mortgage you'll be able to afford - but it's also essential to talk with one of our mortgage professionals. That way, we'll be able to help you get your pre-qualification letter. For another thing, we may find a different mortgage option that better fits your needs. Contact us at 504-866-5626 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at 504-866-5626. It's our job to answer pre-qualification questions, so we're happy to help!
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