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It is important to consult your mortgage professional early — even before you've begun narrowing down neighborhoods. What for? When you do not yet know how much house you need to qualify for, what can we do for you?
We will help you calculate how much of a mortgage loan you can afford, and the amount of money you can borrow, by taking you through the pre-qualification process. We will do this by reviewing your debts and income, your employment and residence situations, your available funds for a down payment, required reserves, and other considerations. It's a short, thorough process with minimal risks for papercuts.
After you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), that documents the fact that we are working with you to find the right loan to meet your situation and that we're confident you'll qualify for a mortgage for up to a specific amount.
Armed with your pre-qualification letter, several advantages are yours at the point you find the house you want to put together an offer on. The first is that you will know the amount you can afford when determining your offer.
Even more important to the seller of the home, your pre-qualification gives them confidence - as if you'd arrived at their house with a suitcase of cash to back up the offer! They need not worry that that they're wasting their time if you will not have the ability to qualify for a big enough mortgage. The seller won't be concerned that he won't be able to trust you to qualify for your loan.Your qualifying for the necessary loan amount will not be something for them to fret over. They have a virtual guarantee to trust your ability to back up your offer.
We will help you pre-qualify
We will help you determine how much of a loan you can qualify for and the mortgage payment amount you can afford by getting you pre-qualified. In this process, we calculate your ability to borrow - looking at your employment, available money for down payment, debts, income, and other circumstances. It's quick and basic; and we take pride in keeping the paperwork light.
While you are able to benefit from our mortgage calculators on our site, it's a good idea to meet with us. We can walk you through your pre-qualification letter. Next, we can review your mortgage program choices to be sure you are in the best one. Let us help you get started: Contact us at (408) 626-1879.
Have questions about pre-qualifying? Call us at (408) 626-1879. The Reen Team at American Pacific Mortgage answers pre-qualifying questions every day.