Why Pre-Qualification is Important
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Even if you've not so much as narrowed down houses to visit yet, it is advantageous to visit with your mortgage pro early. Why? It might be difficult to fathom how we could help even before you begin to negotiate.
We Can Help You Pre-Qualify
When we pre-qualify you, we help you decide how much of a monthly mortgage payment you can fit in your budget, and the size of loan you can qualify for. This process outlines your finances - your debts, income, career, and cash available for down payment, among other things. It's quick and basic; We keep the paperwork light.
After you qualify, we give 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 helping you to find the ideal mortgage loan program to meet your situation and that we're confident you'll qualify for a loan for up to a certain amount.
After you find a house that is best for you, and you decide to make an offer, being pre-qualified for a loan will do several things. First, it lets you know the amount that you're able to offer.
Even more important to the seller of the home, your pre-qualification gives them confidence - as if you'd entered their home with a big box of cash to make the offer! They won't have to worry that that they are wasting their time if you will not have the ability to qualify for a big enough mortgage loan. 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 mortgage loan amount will not cause them concern. They have a virtual guarantee that they can trust your ability to back up your offer.
We will help you pre-qualify
We will help you calculate how much of a mortgage you can afford, and the amount of money you can borrow, by taking you through the pre-qualification process. We do this by reviewing your debts and income, your employment and residence circumstances, your funds available for down payment, required reserves, and other financial considerations. It's a short, thorough process with minimal risks for papercuts.
One on one
It's vital to sit down and talk with us, even though you are welcome to also utilize the helpful mortgage loan calculator tools on our site. For one thing, you will need a Pre-Qualification Letter! For another thing, we might find a different mortgage choice that is a better fit for you. Contact us at (707) 252-2700 to get started.
Have questions about pre-qualifying? Call us at (707) 252-2700. We answer pre-qualification questions every day.