Why it's Important to Pre-Qualify
Are you looking for a mortgage? We'll be glad to discuss our mortgage offerings! Give us a call at (408) 626-1879. Ready to get started? Apply Here.
Even if you've not so much as narrowed down homes to visit yet, it's important to see your mortgage pro first. Why? How can we help you if you haven't negotiated a price, and don't know yet the amount you want to borrow?
When we pre-qualify you, we help you decide how much of a monthly mortgage payment you can afford, and the loan amount you can qualify for. During the process, we calculate your borrowing potential - looking at your earning status, money available for down payment, debt, income, and other areas. It's short and to the point; We keep the paperwork to a minimum.
After you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which states that we are working with you to find the right mortgage to meet your financial needs and that we are confident you will qualify for a mortgage for up to a specific amount.
Several advantages open to you after you have found your next house, and have pre-qualification power. First of all, you have some general numbers in mind, as the amount you will qualify for on your mortgage.
Your pre-qualification will also make your offer look even better to the seller, like you were bringing them a bag full of cash! They will not need to worry that that they are wasting their time if you will not be able to qualify for a high enough mortgage loan. The seller won't wonder if he can trust you to qualify for your loan.Your qualifying for the necessary loan amount will not cause them concern. You have the ability to back your offer up.
We will help you with your pre-qualification
When we pre-qualify you, we help you figure out how much of a monthly mortgage payment you can fit in your budget, and how much we of a loan you can qualify for. During this process, we calculate your ability to borrow - looking at your job, available money for down payment, debt, income, and other areas. We require a minimum amount of paperwork, with a quick process.
Face to Face
You can certainly use the mortgage calculators on our site to calculate the size mortgage you can afford - but it's also valuable to talk with us. That way, we can help you get your pre-qualification letter. Next, we can review your mortgage program choices to make sure you are in the right one. Let us get you started: Call 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.