Why Pre-Qualification is Important
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Even if you've not researched homes to view yet, it can be important to visit with your mortgage loan professional early. What for? How can we help if you have not negotiated a purchase amount, and do not yet know how much you need to borrow?
When we pre-qualify you, we help you figure out how much of a monthly payment you can afford, and the loan amount you can qualify for. During this process, we calculate your ability to borrow - reviewing your earning status, available money for down payment, existing debt, income, and other areas. We will require a minimum amount of paperwork, with a short,basic process.
After you qualify, will give you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which documents the fact that we are partnering with you to find the ideal mortgage loan to meet your financial needs and that we're confident you'll qualify for a loan for up to a certain amount.
Some advantages open to you when you find your next house, and have achieved pre-qualification power. The first is that you will be sure what you can afford when determining the offer.
Your pre-qualification also will make your offer look even better to the seller, as if you were bringing them a bag full of cash! They will not need to be concerned that they have been wasting their time if you can't be able to qualify for a big enough mortgage loan. The seller won't worry if he can trust you to qualify for your mortgage in the amount you will need.Your qualifying for your needed loan amount won't be something for them to be concerned about. You have the capability to back up your offer.
We will help you pre-qualify
When we pre-qualify you, we help you figure out the amount you can afford in mortgage payments you can afford, and the loan amount you can qualify for. We achieve this by reviewing your income and debts, your work and residence circumstances, your available funds for down payment, required reserves, and some other things. It's a short, thorough process with minimal risks for papercuts.
You can always use the mortgage calculators available on our site to get an idea of how much mortgage you can afford - but it's also essential to meet with us. That way, we will be able to help you get your pre-qualification letter. Then, we will make sure we have the ideal mortgage loan program for you. We're eager to meet with you: contact us at (707) 252-2700.
Have questions about pre-qualifying? Call us at (707) 252-2700. Custom Lending Group answers pre-qualifying questions every day.