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It is valuable to see a mortgage loan pro first, even if you haven't settled on what sort of house to look for. Why? If you don't yet know how much home you want to qualify for, what can we help you with?
We Can Help You Pre-Qualify
We will help you calculate how much of a mortgage you can afford, and the amount of money you will be able to borrow, by taking you through pre-qualifying. We can accomplish this by considering your income and debts, your employment and residence circumstances, your available funds for down payment, required reserves, and some other things. It is a quick, thorough process with minimal risks for papercuts.
When you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that states that we are partnering with you to find the right mortgage to fit your financial needs and that we're confident you will qualify for a mortgage loan up to a specific amount.
Power in the Pre-Qual
After you locate the house that is ideal for you, and you want to make an offer, being pre-qualified for a mortgage loan will do a couple of things. The first is that you can know what you'll be able to afford when calculating the offer.
More important to the existing home owner, your pre-qualification is like your having walked into their house with a suitcase full of money ready to make the deal! They will not need to wonder if they're wasting their time if you do not be able to qualify for a high enough mortgage. The seller of the home won't worry 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 lose sleep over. You'll have the sway of a buyer ready to make the purchase on the spot!
We will help you pre-qualify
When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can fit in your budget, and the size of loan you will qualify for. In this process, we look at your borrowing power - looking at your job, available money for down payment, debt, income, and other circumstances. It is a short, thorough process with minimal risks for papercuts.
Face to Face
While you can try our tools to calculate mortgage variables on this website, it's essential to meet with one of our mortgage professional team members. We can work toward your pre-qualification letter. Next, we can consider your mortgage program options and make sure you are in the right one. Contact us at 248-644-1200 to get started.
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!