The Importance of Pre-Qualifying
Shopping for a mortgage loan? We'd be thrilled to discuss your mortgage needs! Give us a call today at (773) 774-9040 Ext 121. Ready to begin? Apply Here.
It is helpful to see a mortgage professional early, even before you have decided what sort of house to search for. Why? If you don't yet know how much house you want to qualify for, what could we help you with?
We Can Help You Pre-Qualify
Our mortgage professionals will help you find out the loan amount you can qualify for and the mortgage payment amount you are able to afford by helping you pre-qualify. We will achieve this by analyzing your debts and income, your work and housing circumstances, the available funds for down payment, required reserves, and other financial considerations. We require a minimum amount of paperwork, and avoid a lengthy process.
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 documents the fact that we are partnering with you to find the ideal loan to fit your financial needs and that we're confident you'll qualify for a mortgage for up to a certain amount.
Several advantages open to you after you find your new house, and have achieved pre-qualification. The first is that you can know the amount you'll be able to afford when putting together your offer.
Of greater importance to the current home owner, your being pre-qualified is like your having walked into their front door with a bag full of money to make the deal! They will not have to be concerned that they are wasting their time if you will not have the ability to qualify for a big enough mortgage loan. The seller of the home won't wonder if he can count on you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed mortgage loan amount will not cause them concern. They have a virtual guarantee to trust your ability to back up your offer.
We help with your pre-qualification
We can help you determine the loan amount you can qualify for and the monthly mortgage payment amount you can afford by helping you pre-qualify. This process takes you through your current financial situation - your debts, income, employment, cash available for down payment, among other things. It's short and to the point; and we take pride in keeping the paperwork to a minimum.
You can certainly use the calculators on our site to get an idea of how much mortgage you'll be able to afford - but it's also important to talk with one of our mortgage professionals. For one thing, you will need a Pre-Qualification Letter! Then, we'll make sure we have chosen the best mortgage loan program for you. We're waiting to meet with you: call us at (773) 774-9040 Ext 121.
Have questions about pre-qualifying? Call us at (773) 774-9040 Ext 121. Forum Mortgage Bancorp answers pre-qualifying questions every day.