The Importance of Pre-Qualification
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It's helpful to consult your mortgage professional as soon as possible — even before you have started to research neighborhoods. Why? If you don't yet know how much home you want to qualify for, what could we do for you?
We can help you calculate how much of a mortgage you can afford, and how much money you can borrow, by walking you through pre-qualifying. We can do this by analyzing your debts and income, your employment and residence situations, the funds available for down payment, required reserves, and other financial considerations. It is a short, thorough process with minimal risks for papercuts.
Once you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that says that we are helping you to find the best mortgage loan to meet your needs and that we're confident you will qualify for a mortgage for up to a certain amount.
Power in the Pre-Qual
With your pre-qualification letter, several advantages are yours at the point you locate the home you want to make an offer for. First of all, you have some concrete numbers in mind, as the amount you can borrow. Even more important to the seller of the home, your pre-qualification gives them certainty - as if you had arrived at their home with a bag of cash to make the offer! They will not need to wonder if that they have been wasting their time if you can't have the ability to qualify for a high enough mortgage loan. The seller won't be concerned that he won't be able to trust you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount won't cause them concern. You can have the sway of a buyer ready to make the deal right now!
We will help you pre-qualify
We will help you calculate how much of a mortgage loan you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. During this process, we calculate your ability to borrow - analyzing your employment, money available for down payment, existing debt, income, and other circumstances. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
One on one
While you are able to use our mortgage calculators on this site, it will be essential to meet with us. We can walk you through your pre-qualification letter. Next, we can review your mortgage program choices to make sure you have found the best one. We're waiting to meet with you: contact us at (818) 874-9900.
Have questions about pre-qualifying? Call us at (818) 874-9900. We answer pre-qualification questions every day.