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Even if you've not researched houses to view yet, it's important to see your mortgage pro first. What for? If you do not yet know how much home you need to qualify for, how can we help?
We can help you find out the loan amount you can qualify for and the monthly payment amount you are able to afford by helping you pre-qualify. The process takes you through your finances - your debt, income, job, and down payment money, among other things. It's a short, thorough process with minimal risks for papercuts.
Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which says that we are helping you to find the right loan program to fit your situation and that we're confident you'll qualify for a mortgage up to a specific amount.
Once you locate the house that is ideal for you, and you decide to make an offer, being pre-qualified for a mortgage loan will do a number of things. The first is that you can be sure what you will be able to afford when determining your offer.
Of greater importance to the current home owner, your being pre-qualified is like your having walked into their house with a bag full of cash ready to purchase the house! They will not need to be concerned they are wasting their time if you don't be able to qualify for a big enough mortgage. The seller won't wonder if he can count on you to qualify for your mortgage in the amount you'll need.Your qualifying for the necessary loan amount will not cause them concern. You can have the clout of a buyer ready to make the deal right now!
We will help you pre-qualify
Our mortgage professionals will help you find out the loan amount you can qualify for and the mortgage payment amount you can afford by getting you pre-qualified. In the process, we calculate your capacity to borrow - analyzing your earning status, money available for down payment, existing debt, income, and other circumstances. It's short and to the point; and we take pride in keeping the paperwork light.
While you are encouraged to benefit from our tools to calculate mortgage variables on this site, it is essential to sit down and talk with one of our mortgage professional team members. We can walk you through your pre-qualification letter. Then, we can make sure we have the ideal mortgage loan program for your situation. Let us get you started: Contact us at (973) 601-2122.
Have questions about pre-qualifying? Call us at (973) 601-2122. The Lending Source answers pre-qualifying questions every day.