Why Pre-Qualification is Important
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It's helpful to consult with your mortgage loan professional early — even before you've begun narrowing down neighborhoods. What for? How can we help before you have negotiated a price, and do not know yet the amount you need to borrow?
When we pre-qualify you, we help you find out the amount in monthly mortgage payments you can fit in your budget, and the size of loan you can qualify for. We accomplish this by reviewing your income and debts, your employment and housing circumstances, the available funds for down payment, required reserves, and some other things. We will ask for a minimum amount of paperwork, with a quick process.
We give you a Pre-Qualification Letter when you qualify, which documents that we're confident you will qualify for a certain amount of mortgage loan dollars.
Armed with your pre-qualification letter, some advantages are yours at the point you locate the house you want to make an offer for. First, you have some general numbers in mind, as the amount you will qualify for with your loan.
Even more important to the seller of the house, your pre-qualification status gives them certainty - as if you had arrived at their house with a big box of cash to make the offer! They need not be concerned they are wasting their time if you will not have the ability to qualify for a big enough mortgage loan. The seller won't be concerned that he can't trust you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed mortgage loan amount will not cause them concern. You have the ability to back your offer up.
We will help you with your pre-qualification
We can help determine how much of a mortgage you can afford, and how much money you will be able to borrow, by walking you through the pre-qualification process. The process outlines your current financial situation - your debt, income, employment, cash available for down payment, among other things. It is a quick, thorough process with minimal risks for papercuts.
Face to Face
While you are able to benefit from our tools to calculate mortgage variables on this website, it is a good idea to sit down and talk with one of our mortgage professional team members. That way, we will help you get your pre-qualification letter. For another thing, we could find a different mortgage choice that fits your goals better. Let us get you 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.