Why it's Important to Pre-Qualify
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It's helpful to consult with your mortgage loan professional early — even before you have started to research neighborhoods. What for? What can we do for you if you haven't made your offer, and do not yet know the amount you want to borrow?
When we pre-qualify you, we help you determine the amount in monthly payments you can fit in your budget, and the loan amount you can qualify for. This process outlines your finances - your debts, income, career, and cash available for down payment, among other things. It is a quick, thorough process with minimal risks for papercuts.
When you qualify, will present to you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that states that we are helping you to find the ideal mortgage loan to meet your financial needs and that we are confident you will qualify for a mortgage loan up to a certain amount.
Power in the Pre-Qual
Holding your pre-qualification letter, a number of advantages are yours when you find the house you want to put together an offer for. First of all, you have some general numbers in mind, as the amount you will qualify for with your mortgage loan.
Of greater importance to the existing home owner, your pre-qualification is like your having entered their house with a bag full of money to purchase their house! They need not wonder if that they have been 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 count on you to qualify for your loan.Your qualifying for the necessary loan amount won't be something for them to worry about. You can have the sway of a buyer ready to make the deal on the spot!
We can help you pre-qualify
We will help you find out how much of a loan you can qualify for and the mortgage payment amount you are able to afford by getting you pre-qualified. The process leads you through your finances - your debts, income, job, cash available for down payment, among other things. We will ask for a minimum amount of paperwork, with a short, basic process.
One on one
While you are able to benefit from our mortgage calculators on our site, it is essential to meet with one of our mortgage professional team members. We can work toward your pre-qualification letter. For another thing, we could find a different mortgage program that better fits your needs. Contact us at 703.255-5810 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at 703.255-5810. It's our job to answer pre-qualification questions, so we're happy to help!