When to Talk to a Mortgage Professional About Pre-Qualifying
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It's important to visit with a mortgage loan pro first, even if you haven't settled on what sort of house you hope to find. Why? Maybe it is difficult to fathom how we can help even before you begin to negotiate.
We can help you see how much of a mortgage loan you can afford, and the amount of money you can borrow, by taking you through the pre-qualification process. This process outlines your current financial situation - your debt, income, job, and down payment money, among other things. We will require a minimum amount of paperwork, with a short,basic process.
Once you qualify, will present to you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), that documents the fact that we are helping you to find the ideal loan to fit your needs and that we are confident you will qualify for a loan for a certain amount.
With your pre-qualification letter, a number of advantages are yours at the point you locate the home you want to put together an offer for. First, it lets you know the amount that you can offer.
Of greater importance to the home seller, your being pre-qualified is like your having walked into their house with a bag full of cash to purchase the house! They won't have to worry that that they have been wasting their time if you don't have the ability to qualify for a high enough mortgage. The seller won't be concerned that he won't be able to count on you to qualify for your mortgage in the amount you will need.Your qualifying for your needed loan amount will not cause them concern. They have a virtual guarantee that they can trust your ability to back up your offer.
We can help you pre-qualify
We can help determine how much of a mortgage you can afford, and how much money you can borrow, by taking you through the pre-qualification process. This process leads you through your finances - your debts, income, career, down payment money, among other things. It's quick and to the point; and we take pride in keeping the paperwork to a minimum.
Face to Face
It is vital to sit down and meet with us, even though you are free to also try the helpful mortgage calculator tools on our website. That way, we'll be able to help you get your pre-qualification letter. Then, we can make sure we have the right mortgage program for your situation. Contact us at (510) 683-9850 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at (510) 683-9850. We answer pre-qualification questions every day.