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It can be valuable to visit with a mortgage loan pro early, even if you haven't settled on the sort of house to search for. Why? How can we help you if you have not made an offer, and don't yet know how much you want to borrow?
We can help you see how much of a mortgage loan you can afford, and how much money you will be able to borrow, by taking you through the pre-qualification process. We will do this by analyzing your debts and income, your employment and housing situations, your available funds for a down payment, required reserves, and other financial considerations. It is a short, thorough process with minimal risks for papercuts.
When you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), that says that we are working with you to find the right mortgage to fit your needs and that we are confident you will qualify for a mortgage up to a certain amount.
With your pre-qualification letter, several advantages are yours when you locate the home you want to put together an offer on. First, it helps you know the amount that you're able to offer.
Even more important to the current owner, your pre-qualification gives them confidence - as if you had entered their house with a bag of cash to back up the offer! They need not worry that that they are wasting their time if you do not be able to qualify for a high enough mortgage loan. The seller of the home won't be concerned that he won't be able to count on you to qualify for your loan.Your qualifying for the necessary loan amount won't be something for them to lose sleep over. You have the sway of a buyer ready to make the purchase on the spot!
We will help you pre-qualify
Our mortgage professionals will help you calculate how much of a loan you can qualify for and the monthly payment amount you can afford by helping you pre-qualify. We can achieve this by analyzing your income and debts, your work and housing situations, the funds available for down payment, required reserves, and some other things. It's short and basic; and we keep the paperwork light.
While you are encouraged to use our tools to calculate mortgage variables on our site, it's essential to meet with one of our mortgage professional team members. We can walk you through your pre-qualification letter. Next, we can review your loan options to be sure you are in the right one. We are waiting to meet with you: call us at (816) 525-8000 & (81.
Have questions about pre-qualifying? Call us at (816) 525-8000 & (81. It's our job to answer pre-qualification questions, so we're happy to help!
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