Why Pre-Qualification is Important
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It can be helpful to visit with a mortgage professional first, even if you haven't decided the sort of home to look for. What for? It may be difficult to fathom the ways in which we could help even before you begin to calculate your offer.
Our mortgage professionals can help you determine the loan amount you can qualify for and the mortgage payment amount you are able to afford by getting you pre-qualified. We achieve this by analyzing your income and debts, your employment and residence circumstances, your funds available for a down payment, required reserves, and other considerations. It is a short, thorough process with minimal risks for papercuts.
Once you are determined to be eligible, we document our confidence in your potential to qualify for a loan by presenting you with a Pre-Qualification Letter (also known as a "pre-qual").
Armed with your pre-qualification letter, several advantages are yours at the point you locate the home you want to make an offer for. First of all, you have some definite numbers in mind, as the amount you can borrow.
More important to the existing home owner, your being pre-qualified is like your having entered their front door with a bag full of cash ready to make the deal! They will not need to wonder if they're wasting their time if you don't be able to qualify for a big enough mortgage loan. 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'll need.Your qualifying for your needed loan amount won't cause them concern. You have the influence of a buyer ready to make the deal on the spot!
We will help you pre-qualify
When we pre-qualify you, we help you figure out the amount you can afford in monthly payments you can fit in your budget, and the loan amount you can qualify for. We will achieve this by reviewing your debts and income, your employment and housing situations, the funds available for a down payment, required reserves, and some other things. It's short and to the point; and we keep 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 calculators on this site. That way, we'll help you get your pre-qualification letter. Then, we will make sure we have the right mortgage program for your situation. We're eager to meet with you: contact us at 714-970-9700.
Have questions about pre-qualifying? Call us at 714-970-9700. American Commerce Mortgage answers pre-qualifying questions every day.