Why Pre-Qualification is Important
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It can be important to see a mortgage professional early, even if you haven't decided the kind of house you hope to find. What for? If you do not yet know how much home you need to qualify for, how can we help?
We will help you determine how much of a loan you can qualify for and the monthly payment amount you are able to afford by getting you pre-qualified. We do this by considering your income and debts, your employment and housing situations, your available funds for down payment, required reserves, and other considerations. It is a quick, thorough process with minimal risks for papercuts.
Once you are determined to be eligible, we document our confidence in your potential to qualify for a loan by giving you a Pre-Qualification Letter (also known as a "pre-qual").
Armed with your pre-qualification letter, several advantages are yours once you locate the home you want to put together an offer on. The first is that you will be sure the amount you'll be able to afford when calculating your offer.
Being pre-qualified also will make your offer look even better to the home seller, as if you were bringing them a big box of cash! They will not need to wonder if they are wasting their time if you will not be able to qualify for a big enough mortgage. The seller of the home won't be concerned that he can't trust you to qualify for your loan.Your qualifying for the necessary loan amount will not be something for them to worry about. They have a virtual guarantee to trust your ability to back up your offer.
We will help you pre-qualify
We can help you calculate how much of a mortgage you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. In the process, we explore your ability to borrow - reviewing your earning status, available money for down payment, existing debt, income, and other circumstances. It's a quick, thorough process with minimal risks for papercuts.
One on one
While you are able to benefit from our mortgage calculators on this website, it is essential to sit down and talk with us. For one thing, you'll need a Pre-Qualification Letter! Next, we can consider your mortgage options and be sure you have chosen the right one. Let us help you get started: Contact us at 561-373-4149.
Have questions about pre-qualifying? Call us at 561-373-4149. The Elite Lending Team at Milestone Mortgage Corporation answers pre-qualifying questions every day.