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It's helpful to see a mortgage professional first, even before you have determined the sort of house to search for. Why? Maybe it is hard to understand the way we could help even before you begin to negotiate.
When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can fit in your budget, and the size of loan you can qualify for. We will accomplish this by analyzing your debts and income, your work and housing circumstances, the available funds for a down payment, required reserves, and some other things. We ask for a minimum amount of paperwork, and avoid a lengthy process.
At the point you are considered eligible, we document our confidence in your capacity to qualify for a mortgage by awarding you a Pre-Qualification Letter (also known as a "pre-qual").
Once you find a house that meets your needs, and you decide to put together an offer, being pre-qualified for a loan will do several things. First of all, you have some concrete numbers in mind, as the total you will qualify for with your mortgage.
Even more important to the seller of the home, your pre-qualification gives them certainty - as if you'd arrived at their home with a big box of cash to make the offer! They won't need to worry that they're wasting their time if you can't have the ability to qualify for a high enough mortgage loan. The seller won't wonder if he can trust you to qualify for your loan.Your qualifying for the necessary mortgage loan amount will not be something for them to lose sleep over. You have the ability to back your offer up.
We help with your pre-qualification
When we pre-qualify you, we help you determine how much of a monthly payment you can afford, and the loan amount you can qualify for. We do this by considering your income and debts, your employment and residence circumstances, the funds available for down payment, required reserves, and other financial considerations. It's short and to the point; and we take pride in keeping the paperwork light.
Face to Face
It's vital to sit down and talk with us, even though you are free to also try the helpful mortgage loan calculators on our site. For one thing, you'll want a Pre-Qualification Letter! For another thing, we could be able to find a different mortgage loan option that fits your goals better. Contact us at 405-513-7700 to get started.
Have questions about pre-qualifying? Call us at 405-513-7700. We answer pre-qualification questions every day.