Why Pre-Qualification is Important
Shopping for a mortgage loan? We will be glad to help! Give us a call today at (440) 234-9660. Ready to begin? Apply Here.
It's helpful to bring in your mortgage professional as soon as possible — even before you've started to consider neighborhoods. What for? How can we help you if you have not negotiated a purchase amount, and do not yet know how much you need to borrow?
We Will Help You Pre-Qualify
Our mortgage professionals will help you calculate the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by helping you pre-qualify. We can accomplish this by considering your income and debts, your employment and housing circumstances, the available funds for down payment, required reserves, and other considerations. It is a short, thorough process with minimal risks for papercuts.
Once 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 states that we are helping you to find the ideal loan program to fit your financial needs and that we are confident you will qualify for a mortgage loan for up to a specific amount.
Once you locate a house that catches your eye, and you want to put together an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know the amount that you are able to offer.
Even more important to the seller of the house, your pre-qualification status gives them confidence - as if you had arrived at their house with a suitcase of cash to make the offer! They will not have to be concerned they are wasting their time if you don't have the ability to qualify for a high enough mortgage loan. The seller won't wonder if he can count on you to qualify for your mortgage in the amount you will need.Your qualifying for the necessary loan amount will not cause them concern. You have the ability to back your offer up.
We will help you pre-qualify
When we pre-qualify you, we help you figure out how much of a monthly mortgage payment you can afford, and how much we of a loan you can qualify for. We will do this by considering your debts and income, your work and residence situations, your funds available for down payment, required reserves, and some other things. It is a quick, thorough process with minimal risks for papercuts.
One on one
It's important to sit down and meet with us, even though you are free to also use the helpful mortgage calculators on this website. For one thing, you'll want a Pre-Qualification Letter! For another thing, we might locate a different mortgage option that is a better fit for you. Let us get you started: Call us at (440) 234-9660.
Have questions about pre-qualifying? Call us at (440) 234-9660. Northeast Bancorp of America, Inc. answers pre-qualifying questions every day.