The Importance of Pre-Qualifying
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Even if you haven't narrowed down homes to view yet, it can be important to visit with your mortgage loan professional early. Why? How can we help you if you have not made an offer, and do not know yet the amount you need to borrow?
We will help you see how much of a mortgage you can afford, and the amount of money you will be able to borrow, by taking you through pre-qualifying. We do this by considering your debts and income, your work and residence circumstances, your available funds for down payment, required reserves, and some other things. It's short and basic; We keep the paperwork to a minimum.
When you qualify, will give you what's called a Pre-Qualification Letter (your real estate agent may refer to it as a "pre-qual"), that says that we are helping you to find the ideal loan program to fit your needs and that we are confident you will qualify for a mortgage loan for a certain amount.
Some beneifits open to you after you have found your dream house, and have pre-qualification. First, you have some concrete numbers in mind, as the amount you will qualify for on your loan.
Even more important to the seller of the house, your pre-qualification status gives them confidence - as if you'd entered their house with a big box of cash to back up the offer! They will not need to wonder if that they have been wasting their time if you can't have the ability to qualify for a high enough mortgage loan. The seller of the home won't worry if he can count on you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount will not be something for them to fret over. They have a virtual guarantee that they can trust your ability to back up your offer.
We will help you pre-qualify
When we pre-qualify you, we help you figure out how much of a monthly mortgage payment you can fit in your budget, and the loan amount you will qualify for. This process outlines your finances - your debts, income, career, cash available for down payment, among other things. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
While you can try our mortgage calculators on this site, it's a good idea to meet with us. That way, we'll help you get your pre-qualification letter. Next, we can review your loan options and be sure you are in the best one. Contact us at 562 320-0510 to get started.
Have questions about pre-qualifying? Call us at 562 320-0510. Reliance Mortgage Service, Inc answers pre-qualifying questions every day.