Why it's Important to Pre-Qualify
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It is helpful to see a mortgage loan pro first, even before you have determined what sort of home you hope to find. Why? It might be hard to understand the ways we could help even before you start to talk about prices and negotiations.
When we pre-qualify you, we help you decide how much of a monthly mortgage payment you can fit in your budget, and the size of loan you can qualify for. During this process, we calculate your borrowing power - reviewing your job, available money for down payment, debts, income, and other areas. It's quick and to the point; We keep the paperwork light.
We will give you a Pre-Qualification Letter if you qualify, that says that we are confident you'll qualify for up to a predetermined amount of mortgage dollars.
Power in the Pre-Qual
Holding your pre-qualification letter, some advantages are yours at the point you find the house you want to put together an offer for. First, it lets you know how much you're able to offer.
Your pre-qualification can also make your offer look even better to the home seller, like you were bringing them a big box of cash! They need not worry that that they are wasting their time if you won't be able to have the ability to qualify for a high enough mortgage. The seller of the home won't worry if he can count on you to qualify for your loan.Your qualifying for your needed loan amount won't be something for them to fret over. You have the capability to back your offer up.
We will help you with your pre-qualification
When we pre-qualify you, we help you find out the amount you can afford in monthly payments you can afford, and the loan amount you can qualify for. We accomplish this by considering your income and debts, your employment and housing circumstances, the funds available for a down payment, required reserves, and other considerations. We will require a minimum amount of paperwork, and avoid a lengthy process.
Face to Face
While you are able to use our mortgage calculators on our site, it's essential to meet with one of our mortgage professional team members. For one thing, you'll want a Pre-Qualification Letter! Then, we will make sure we have the right mortgage loan program for you. Contact us at (773) 774-9040 Ext 121 to get started.
Have questions about pre-qualifying? Call us at (773) 774-9040 Ext 121. Forum Mortgage Bancorp answers pre-qualifying questions every day.