The Importance of Pre-Qualification
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It is valuable to see a mortgage professional early, even before you've decided what sort of home you hope to find. What for? What can we do for you if you haven't negotiated an amount, and do not know yet the amount you need to borrow?
Our mortgage professionals can help you determine the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by getting you pre-qualified. We will do this by analyzing your debts and income, your work and housing circumstances, the available funds for down payment, required reserves, and other financial considerations. It's quick and basic; We keep the paperwork light.
When you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), that says that we are helping you to find the ideal mortgage to meet your situation and that we are confident you'll qualify for a loan up to a certain amount.
When you locate the house that catches your eye, and you want to put together an offer, being pre-qualified for a mortgage loan will do a couple of things. First, it helps you know the amount that you can offer.
Even more important to the seller, your pre-qualification gives them confidence - as if you'd come into their house with a big box of cash to make the offer! They won't have to be concerned that they are wasting their time if you will not be able to qualify for a high enough mortgage loan. The seller of the home won't be concerned that he can't count on you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed loan amount will not cause them concern. They have a virtual guarantee that they can trust your buying power.
We help with your pre-qualification
When we pre-qualify you, we help you determine the amount you can afford in mortgage payments you can afford, and the size of loan you can qualify for. In the process, we explore your capacity to borrow - analyzing your job, available money for down payment, debt, income, and other areas. It is a quick, thorough process with minimal risks for papercuts.
Face to Face
While you are encouraged to benefit from our tools to calculate mortgage variables on this site, it's essential to meet with one of our mortgage professional team members. For one thing, you will want a Pre-Qualification Letter! Next, we can study your mortgage options and make sure you are in the right one. We're eager to hear from you: call us at (718) 477-4405.
Have questions about pre-qualifying? Call us at (718) 477-4405. Chris Caggiano - Grand Oaks Funding, LLC answers pre-qualifying questions every day.