Why Pre-Qualification is Important
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It is valuable to consult your mortgage loan professional early — even before you have started researching neighborhoods. What for? If you don't know yet how much home you need to qualify for, what can we do for you?
When we pre-qualify you, we help you figure out how much of a monthly payment you can fit in your budget, and the loan amount you can qualify for. This process outlines your finances - your debts, income, career, and down payment money, among other things. We will require a minimum amount of paperwork, and avoid a lengthy process.
Once you are considered eligible, we prove our confidence in your potential to qualify for a loan by presenting you with a Pre-Qualification Letter (also called a "pre-qual").
Various beneifits open to you after you've found your dream house, and have achieved pre-qualification. The first is that you can know what you'll be able to afford when calculating your offer.
Being pre-qualified can also make your offer look even better to the home seller, as if you were bringing them a suitcase full of cash! They won't have to worry that they are wasting their time if you won't be able to have the ability to qualify for a high enough mortgage. The seller won't worry if he can count on you to qualify for your loan.Your qualifying for your needed loan amount won't cause them concern. You can have the clout of a buyer ready to make the purchase right now!
We help with your pre-qualification
Our mortgage professionals will help you calculate how much of a loan you can qualify for and the monthly payment amount you can afford by getting you pre-qualified. In this process, we look at your borrowing capacity - looking at your earning status, money available for down payment, existing debt, income, and other areas. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
One on one
While you are able to benefit from our mortgage calculators on our site, it is a good idea to sit down and talk with us. We can walk you through your pre-qualification letter. Then, we will make sure we have found the ideal mortgage program for your situation. 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.