When to Speak to a Mortgage Professional
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It's important to see a mortgage professional early, even if you haven't decided the sort of house you hope to find. Why? Maybe it is hard to fathom the ways in which we could help even before you start to calculate your offer.
We will help you see how much of a mortgage loan you can afford, and the amount of money you can borrow, by taking you through pre-qualifying. The process takes you through your finances - your debts, income, employment, and cash available for down payment, among other things. We ask for a minimum amount of paperwork, and avoid a lengthy process.
After you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), which says that we are working with you to find the ideal mortgage loan program to fit your needs and that we are confident you'll qualify for a mortgage loan for a certain amount.
After you locate the house that is ideal for you, and you want to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know how much you are able to offer.
Even more important to the seller of the house, your pre-qualification gives them confidence - as if you had entered their home with a big box of cash to back up the offer! They won't have to worry that they are wasting their time if you don't be able to qualify for a high enough mortgage loan. The seller won't be concerned that he can't trust you to qualify for your mortgage in the amount you will need.Your qualifying for your needed loan amount will not cause them concern. You have the ability to back up your offer.
We will help you with your pre-qualification
We can help you calculate how much of a mortgage loan you can afford, and the amount of money you may be able to borrow, by taking you through the pre-qualification process. This process outlines your financial situation - your debts, income, employment, cash available for down payment, among other things. It's short and basic; and we take pride in keeping the paperwork light.
While you can use our mortgage calculators on our site, it is a good idea to sit down and talk with us. We can walk you through your pre-qualification letter. Then, we can make sure we have selected the ideal mortgage program for you. Contact us at (321) 777-7277 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at (321) 777-7277. AmeriBest Mortgage answers pre-qualifying questions every day.