The Importance of Pre-Qualifying
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Even if you've not so much as picked out houses to visit yet, it is important to visit with your mortgage professional early. What for? It might be difficult to understand the way we can help even before you begin to negotiate.
When we pre-qualify you, we help you determine the amount in monthly payments you can afford, and the size of loan you can qualify for. In this process, we determine your borrowing power - analyzing your job, available money for down payment, existing debt, income, and other areas. It's quick and basic; We take pride in keeping the paperwork light.
After you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), which says that we are helping you to find the ideal loan to meet your financial needs and that we're confident you'll qualify for a mortgage up to a certain amount.
Power in the Pre-Qual
When you locate the house that meets your needs, and you decide to put together an offer, being pre-qualified for a loan will do a number of things. First, you have some concrete numbers in mind, as the amount you will be able to borrow.
Having pre-qualification will also make your offer more attractive to the seller, like you were bringing them a suitcase of cash! They need not be concerned that they are wasting their time if you can't be able to qualify for a high enough mortgage. The seller of the home won't be concerned that he can't trust you to qualify for your loan.Your qualifying for your needed loan amount won't be something for them to be concerned about. They have a virtual guarantee to trust your buying power.
We will help you pre-qualify
Our mortgage professionals will help you calculate how much of a loan you can qualify for and the monthly mortgage payment amount you can afford by helping you pre-qualify. This process walks you through your finances - your debts, income, career, down payment money, among other things. It's quick and basic; and we keep the paperwork to a minimum.
It's important for you to sit down and meet with us, even though you are free to also utilize the helpful mortgage loan calculators on our website. For one thing, you'll need a Pre-Qualification Letter! Then, we can make sure we have the ideal mortgage program for your situation. Contact us at 218-237-5128 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at 218-237-5128. Team USA Mortgage answers pre-qualifying questions every day.