When to Talk to a Mortgage Professional About Pre-Qualification
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It's important to consult your mortgage professional early — even before you've started to research neighborhoods. Why? What can we do for you before you have made an offer, and don't yet know how much you want to borrow?
When we pre-qualify you, we help you determine how much of a monthly payment you can fit in your budget, and the size of loan you will qualify for. In the process, we look at your borrowing power - analyzing your job, available money for down payment, debts, income, and other areas. It's a short, thorough process with minimal risks for papercuts.
When you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which states that we are partnering with you to find the right mortgage loan to fit your needs and that we are confident you'll qualify for a loan up to a certain amount.
Power in the Pre-Qual
After you locate a house that catches your eye, and you want to make an offer, being pre-qualified for a mortgage will do several things. The first is that you can be sure what you'll be able to afford when putting together your offer.
Having pre-qualification also will make your offer more attractive to the seller, as if you were bringing them a big box of cash! They won't need to worry that they're wasting their time if you don't be able to qualify for a big enough mortgage. The seller won't worry if he can count on you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount will not cause them concern. You can have the sway of a buyer ready to make the purchase right now!
We help with your pre-qualification
When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can fit in your budget, and the loan amount you can qualify for. The process outlines your current financial situation - your debts, income, career, cash available for down payment, among other things. We require a minimum amount of paperwork, with a quick process.
One on one
You can certainly use the mortgage calculators here on our website to get an idea of how much mortgage you will be able to afford - but it's also important to meet with us. For one thing, you'll want a Pre-Qualification Letter! Next, we can study your mortgage loan choices and be sure you have chosen the best one. We're waiting to hear from you: contact us at (904) 342-3622.
Have questions about pre-qualifying? Call us at (904) 342-3622. Bright Vision Mortgage answers pre-qualifying questions every day.