Why it's Important to Pre-Qualify
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It is helpful to visit with a mortgage loan pro first, even if you haven't settled on what sort of house you hope to find. Why? It might be difficult to understand the ways in which we can help even before you begin to talk about prices and negotiations.
We can help determine how much of a mortgage you can afford, and the amount of money you may be able to borrow, by walking you through the pre-qualification process. We can accomplish this by reviewing your debts and income, your work and housing situations, the available funds for down payment, required reserves, and other financial considerations. It's short and basic; We keep the paperwork to a minimum.
Once you qualify, will present to you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which says that we are helping you to find the right mortgage loan program to meet your needs and that we're confident you will qualify for a mortgage up to a specific amount.
When you locate the house that is ideal for you, and you decide to make an offer, being pre-qualified for a loan will do several things. The first is that you can be sure what you can afford when determining your offer.
Even more important to the existing owner, your pre-qualification letter gives them certainty - as if you'd entered their house with a bag of cash to make the offer! They will not need to be concerned they have been wasting their time if you do not have the ability 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'll need.Your qualifying for the necessary mortgage loan amount will not cause them concern. They have a virtual guarantee to trust your ability to back up your offer.
We help with your pre-qualification
When we pre-qualify you, we help you decide the amount you can afford in monthly payments you can afford, and the size of loan you will qualify for. During this process, we explore your borrowing power - reviewing your job, available money for down payment, debts, income, and other areas. It's a quick, thorough process with minimal risks for papercuts.
It's vital for you to sit down and talk with us, even though you are free to also utilize the helpful mortgage loan calculator tools on our website. For one thing, you'll want a Pre-Qualification Letter! For another thing, we might be able to locate a different mortgage program that better fits your needs. We are eager to meet with you: contact us at (302) 765-8089.
Have questions about pre-qualifying? Call us at (302) 765-8089. Trustin Mortgage, LLC answers pre-qualifying questions every day.