Why Pre-Qualification is Important
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It's valuable to consult your mortgage loan professional early — even before you've started to research neighborhoods. What for? What can we do for you if you haven't negotiated a purchase amount, and do not yet know the amount you need to borrow?
We Will Help You Pre-Qualify
When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can afford, and the loan amount you can qualify for. We can do this by analyzing your income and debts, your employment and residence circumstances, your funds available for down payment, required reserves, and some other things. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
Once you qualify, we 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 working with you to find the right loan to meet your needs and that we're confident you'll qualify for a loan for a specific amount.
Various advantages open to you when you've found your dream house, and have achieved pre-qualification. First, it helps you know how much you're able to offer.
Even more important to the seller of the home, your pre-qualification letter gives them confidence - as if you'd entered their home with a bag of cash to make the offer! They won't need to worry that that they are wasting their time if you don't have the ability to qualify for a high enough mortgage loan. The seller of the home won't wonder if he can trust you to qualify for your mortgage in the amount you will need.Your qualifying for the necessary loan amount will not be something for them to worry about. You will have the sway of a buyer ready to make the deal on the spot!
We will help you pre-qualify
When we pre-qualify you, we help you figure out how much of a monthly payment you can afford, and how much we of a loan you will qualify for. The process walks you through your current financial situation - your debts, income, job, cash available for down payment, among other things. It's a short, thorough process with minimal risks for papercuts.
Face to Face
It is important for you to sit down and talk with us, even though you are welcome to also utilize the helpful mortgage loan calculator tools on our website. We can work toward your pre-qualification letter. Next, we can study your mortgage options and be sure you have chosen the best one. Let us help you get started: Contact us at 248-644-1200.
Have questions about pre-qualifying? Call us at 248-644-1200. It's our job to answer pre-qualification questions, so we're happy to help!