Why Pre-Qualification is Important

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It is helpful to consult with your mortgage professional as soon as possible — even before you have begun researching neighborhoods. Why? If you do not yet know how much home you need to qualify for, how could we help?

We Can Help You Pre-Qualify

We can help you see how much of a mortgage you can afford, and how much money you may be able to borrow, by taking you through the pre-qualification process. In this process, we explore your ability to borrow - analyzing your employment, available money for down payment, existing debt, income, and other circumstances. We will ask for a minimum amount of paperwork, and avoid a lengthy process.

After you qualify, will present to you a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which states that we are working with you to find the ideal loan to meet your financial needs and that we're confident you will qualify for a mortgage for up to a certain amount.

Pre-Qual Power

After you locate the house that catches your eye, and you decide to put together an offer, being pre-qualified for a mortgage loan will do several things. First, you have some concrete numbers in mind, as the amount you can borrow. Even more important to the present owner, your pre-qualification letter gives them confidence - as if you had entered their home with a bag of cash to back up the offer! They will not need to worry that they are wasting their time if you can't be able to qualify for a big enough mortgage. The seller of the home won't wonder 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 worry about. They have a virtual guarantee that they can trust your buying power.

We will help you pre-qualify

We will help you calculate how much of a loan you can qualify for and the mortgage payment amount you can afford by helping you pre-qualify. We do this by analyzing your debts and income, your employment and residence circumstances, the funds available for a down payment, required reserves, and other financial considerations. It's a short, thorough process with minimal risks for papercuts.

One-on-One

While you can try our mortgage calculators on our site, it's essential to sit down and talk with one of our mortgage professional team members. That way, we'll be able to help you get your pre-qualification letter. For another thing, we might find a different mortgage program that is a better fit 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.