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It's important to visit with a mortgage loan pro early, even if you haven't decided the kind of home you hope to find. What for? If you don't know yet how much house you want to qualify for, what could we help you with?
When we pre-qualify you, we help you determine the amount in mortgage payments you can afford, and the loan amount you can qualify for. In the process, we determine your capacity to borrow - reviewing your job, money available for down payment, existing debt, income, and other circumstances. We will require a minimum amount of paperwork, with a quick process.
After you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), which says that we are partnering with you to find the ideal mortgage loan to meet your financial needs and that we are confident you'll qualify for a mortgage up to a certain amount.
Power in the Pre-Qual
Once you find a house that meets your needs, and you want to make an offer, being pre-qualified for a mortgage loan will do a couple of things. First, it lets you know how much you're able to offer.
Even more important to the present owner, your pre-qualification gives them certainty - as if you had entered their home with a bag of cash to back up the offer! They will not have to worry that they have been wasting their time if you won't be able to be able 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 your needed loan amount won't cause them concern. You'll have the clout of a buyer ready to make the deal right now!
We will help you pre-qualify
When we pre-qualify you, we help you determine the amount you can afford in mortgage payments you can afford, and the size of loan you can qualify for. The process outlines your current financial situation - your debts, income, career, cash available for down payment, among other things. It's short and to the point; and we keep the paperwork to a minimum.
You can always use the mortgage calculators on this site to calculate the size mortgage you'll be able to afford - but it's also valuable to talk with one of our mortgage professionals. For one thing, you'll want a Pre-Qualification Letter! Then, we will make sure we have selected the best mortgage program for you. Let us get you started: Contact us at (727) 743-1620.
Have questions about pre-qualifying? Call us at (727) 743-1620. My FL Home Loans, Inc. answers pre-qualifying questions every day.