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Even if you have not picked out homes to view yet, it can be important to visit with your mortgage loan professional early. What for? It might be hard to understand the ways we could help even before you begin to calculate your offer.
We will help you determine how much of a loan you can qualify for and the mortgage payment amount you are able to afford by helping you pre-qualify. During this process, we explore your borrowing capacity - reviewing your earning status, available money for down payment, debts, income, and other circumstances. It is a quick, thorough process with minimal risks for papercuts.
After you qualify, we present to you a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that documents the fact that we are helping you to find the ideal mortgage loan program to fit your financial needs and that we are confident you will qualify for a loan for up to a certain amount.
Power in the Pre-Qual
When you locate the house that is best for you, and you decide to put together an offer, being pre-qualified for a loan will do several things. The first is that you can be sure what you can afford when calculating the offer.
Being pre-qualified also will make your offer more attractive to the seller, as if you were bringing them a suitcase of cash! They won't have to be concerned that they are wasting their time if you do not have the ability to qualify for a big enough mortgage. The seller of the home 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 fret over. You have the ability to back your offer up.
We will help you pre-qualify
We can help you determine the loan amount you can qualify for and the mortgage payment amount you can afford by getting you pre-qualified. In the process, we determine your borrowing power - looking at your earning status, available money for down payment, debts, income, and other circumstances. We will ask for a minimum amount of paperwork, with a quick process.
While you are able to benefit from our mortgage calculators on this website, it's a good idea to sit down and talk with one of our mortgage professional team members. For one thing, you will need a Pre-Qualification Letter! For another thing, we may locate a different mortgage choice that is a better fit for you. Contact us at (718) 639-9500 to get started.
Have questions about pre-qualifying? Call us at (718) 639-9500. Channel Mortgage LLC answers pre-qualifying questions every day.