The Importance of Pre-Qualification
Even if you've not so much as researched homes to visit yet, it can be valuable to see your mortgage pro first. Why? If you don't know yet how much house you want to qualify for, how can we help?
When we pre-qualify you, we help you decide how much of a monthly payment you can fit in your budget, and the loan amount you can qualify for. During this process, we look at your capacity to borrow - looking at your job, available money for down payment, existing debt, income, and other areas. It's a quick, thorough process with minimal risks for papercuts.
After you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), which says that we are helping you to find the best loan program to fit your needs and that we're confident you'll qualify for a loan for up to a certain amount.
When you locate the house that catches your eye, and you want to make an offer, being pre-qualified for a loan will do several things. First, it helps you know how much you're able to offer.
More important to the existing home owner, your pre-qualification is like your having walked into their front door with a bag full of money to make the deal! They will not need to worry that that they are wasting their time if you will not have the ability to qualify for a high enough mortgage loan. The seller of the home won't be concerned that he can't count on you to qualify for your loan.Your qualifying for the necessary loan amount won't be something for them to worry about. You can have the sway of a buyer ready to make the deal on the spot!
We will help you pre-qualify
When we pre-qualify you, we help you find out the amount you can afford in monthly payments you can fit in your budget, and the loan amount you can qualify for. During this process, we determine your borrowing potential - reviewing your earning status, available money for down payment, debts, income, and other areas. It's quick and to the point; and we keep the paperwork to a minimum.
One on one
It's vital to sit down and meet with us, even though you are welcome to also use the helpful mortgage calculators on this website. That way, we will help you get your pre-qualification letter. For another thing, we might be able to locate a different mortgage program that better fits your needs. Let us help you get started: Contact us at (408) 985-6400.
Have questions about pre-qualifying? Call us at (408) 985-6400. Inter-Capital Group answers pre-qualifying questions every day.