The Importance of Pre-Qualification
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It is important to consult with your mortgage loan professional early — even before you have started to research neighborhoods. What for? Maybe it is difficult to fathom the ways we can help even before you begin to calculate your offer.
When we pre-qualify you, we help you determine the amount in monthly mortgage payments you can fit in your budget, and how much we of a loan you will qualify for. The process leads you through your financial situation - your debts, income, job, and down payment money, among other things. 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 call it a "pre-qual"), which states that we are partnering with you to find the right mortgage loan to meet your situation and that we are confident you'll qualify for a mortgage loan for up to a specific amount.
Some advantages open to you when you have found your dream house, and have pre-qualification. First, it helps you know how much you are able to offer.
Being pre-qualified also will make your offer more attractive to the home seller, as if you were bringing them a suitcase full of cash! They won't need to worry that they have been wasting their time if you won't be able to be able to qualify for a high enough mortgage. The seller won't be concerned that he won't be able to trust you to qualify for your mortgage in the amount you'll need.Your qualifying for the necessary mortgage loan amount won't be something for them to be concerned about. You have the capability to back up your offer.
We can help you pre-qualify
We can help you find out how much of a loan you can qualify for and the mortgage payment amount you can afford by helping you pre-qualify. This process outlines your finances - your debt, income, employment, down payment money, among other things. It is a short, thorough process with minimal risks for papercuts.
One on one
You can always use the calculators here on our site to get an idea of how much mortgage you'll be able to afford - but it's also essential to meet with us. We can walk you through your pre-qualification letter. For another thing, we might be able to locate a different mortgage loan option that fits your goals better. We're waiting to meet with you: call us at (732) 969-9300.
Have questions about pre-qualifying? Call us at (732) 969-9300. Atlantic Financial Services answers pre-qualifying questions every day.