Why Pre-Qualification is Important
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It's important to consult with your mortgage professional early — even before you have started narrowing down neighborhoods. Why? If you do not yet know how much home you need to qualify for, how could we help?
Our mortgage professionals will help you find out the loan amount you can qualify for and the monthly mortgage payment amount you can afford by helping you pre-qualify. In the process, we calculate your capacity to borrow - analyzing your earning status, money available for down payment, debt, income, and other areas. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
We give you a Pre-Qualification Letter if you qualify, which documents that we are confident you can qualify for a predetermined amount of mortgage dollars.
Armed with your pre-qualification letter, several advantages fall at your feet when you locate the house you want to make an offer for. The first is that you can know what you'll be able to afford when putting together the offer.
Even more important to the seller of the home, your pre-qualification gives them certainty - as if you had arrived at their house with a suitcase of cash to make the offer! They need not wonder if they have been wasting their time if you will not have the ability to qualify for a high enough mortgage. The seller won't be concerned that he won't be able to count on you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount will not be something for them to worry about. You have the capability to back your offer up.
We can help you pre-qualify
We can help you see how much of a mortgage you can afford, and the amount of money you can borrow, by taking you through pre-qualifying. We will accomplish this by reviewing your income and debts, your work and housing situations, your available funds for down payment, required reserves, and some other things. It's quick and basic; and we take pride in keeping the paperwork light.
Face to Face
You can always use the mortgage calculators here on our site to get an idea of how much mortgage you'll be able to afford - but it's also important to meet with one of our mortgage professionals. For one thing, you'll want a Pre-Qualification Letter! Next, we can review your mortgage loan options and be sure you are in the right one. We're waiting to meet with you: call us at (732) 969-9300.
Have questions about pre-qualifying? Call us at (732) 969-9300. We answer pre-qualification questions every day.