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It is helpful to bring in your mortgage loan professional as soon as possible — even before you have started researching neighborhoods. What for? Perhaps it's hard to fathom how we could help even before you begin to calculate your offer.
We Will Help You Pre-Qualify
When we pre-qualify you, we help you figure out how much of a monthly payment you can afford, and how much we of a loan you can qualify for. We accomplish this by analyzing your income and debts, your employment and residence situations, your funds available for a down payment, required reserves, and some other things. We require a minimum amount of paperwork, and avoid a lengthy process.
Once you qualify, we present to you a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), that documents the fact that we are working with you to find the best loan to fit your financial needs and that we are confident you will qualify for a mortgage loan up to a specific amount.
Power in the Pre-Qual
Armed with your pre-qualification letter, some advantages fall at your feet once you locate the house you want to put together an offer on. First of all, you have some definite numbers in mind, as the amount you will be able to borrow.
Even more important to the seller, your pre-qualification gives them certainty - as if you'd come to their house with a bag of cash to back up the offer! They won't need to wonder if that they're wasting their time if you don't be able to qualify for a high 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 will not cause them concern. You have the ability to back up your offer.
We help with your pre-qualification
We can help you calculate how much of a mortgage you can afford, and the amount of money you may be able to borrow, by taking you through the pre-qualification process. We can achieve this by reviewing your debts and income, your work and housing circumstances, your funds available for down payment, required reserves, and other financial considerations. It's a quick, thorough process with minimal risks for papercuts.
Face to Face
It is vital to sit down and talk with us, even though you are welcome to also try the helpful mortgage loan calculator tools on this site. That way, we will help you get your pre-qualification letter. For another thing, we may locate a different mortgage option that is a better fit for you. Let us help you get 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.