The Importance of Pre-Qualification
Even if you've not picked out houses to visit yet, it's valuable to see your mortgage loan professional first. Why? When you don't yet know how much house you need to qualify for, how can we help?
We can help you find out the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by helping you pre-qualify. The process takes you through your current financial situation - your debts, income, career, and cash available for down payment, among other things. It's a short, thorough process with minimal risks for papercuts.
When you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), that says that we are helping you to find the right loan to meet your situation and that we're confident you'll qualify for a mortgage for a specific amount. That letter will state that it is based on the information you have provided us and is subject to verification. Information you can provide, such as pay stubs, W-2s and bank statements, will make your letter stronger.
Power in the Pre-Qual
A number of advantages open to you when you've found your next house, and have pre-qualification power. The first is that you'll be sure what you will be able to afford when calculating your offer.
Having pre-qualification also will make your offer look even better to the seller, as if you were bringing them a suitcase full of cash! They won't need to worry that they are wasting their time if you will not have the ability to qualify for a high enough mortgage. The seller won't worry if he can count on you to qualify for your loan. Your qualifying for the necessary mortgage loan amount won't be something for them to fret over. They have a virtual guarantee to trust your ability to back up your offer.
We will help you with your pre-qualification
We can help you see how much of a mortgage you can afford, and how much money you can borrow, by taking you through pre-qualifying. In the process, we determine your borrowing potential - analyzing your employment, available money for down payment, debt, income, and other circumstances. We will ask for a minimum amount of paperwork, and avoid a lengthy process.
Face to Face
You can always use the calculators on our website to calculate the size mortgage you'll be able to afford - but it's also possible to meet with us, either digitally on our loan application portal on our website, or in person at one of our branches. That way, we can help you get your pre-qualification letter. Then, we'll make sure we have found the right mortgage loan program for your situation. We are waiting to meet with you: contact us at 757-873-1287.
Have questions about pre-qualifying? Call us at 757-873-1287. Johnson Mortgage Company LLC answers pre-qualifying questions every day.