When to Talk to a Mortgage Pro About Pre-Qualification

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It is helpful to visit with a mortgage professional early, even if you haven't settled on what sort of home to look for. What for? It might be hard to understand how we can help even before you begin to talk about prices and negotiations.

Pre-Qualify

We can help determine how much of a mortgage loan you can afford, and the amount of money you may be able to borrow, by walking you through the pre-qualification process. This process walks you through your finances - your debts, income, job, and down payment money, among other things. We ask for a minimum amount of paperwork, and avoid a lengthy process.

When you are considered eligible, we will prove our confidence in your potential to qualify for a mortgage loan by presenting you with a Pre-Qualification Letter (also called a "pre-qual").

Power in the Pre-Qual

Some beneifits open to you once you find your dream house, and have achieved pre-qualification. First of all, you have some concrete numbers in mind, as the amount you will qualify for with your loan. Even more important to the seller of the home, your pre-qualification gives them confidence - as if you'd arrived at their house with a suitcase of cash to back up the offer! They need not be concerned that they're wasting their time if you don't have the ability to qualify for a big enough mortgage. The seller of the home won't be concerned that he won't be able to trust 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 sway of a buyer ready to make the deal right now!

We can help you pre-qualify

We will help you find out how much of a loan you can qualify for and the monthly payment amount you are able to afford by helping you pre-qualify. We accomplish this by considering your debts and income, your employment and residence circumstances, your funds available for a down payment, required reserves, and other considerations. We require a minimum amount of paperwork, and avoid a lengthy process.

Face to Face

While you are able to use our tools to calculate mortgage variables on our website, it's a good idea to meet with us. For one thing, you will want a Pre-Qualification Letter! Next, we can study your mortgage choices to make sure you have found the best one. Contact us at (440) 234-9660 to get your pre-qualification process started.

Have questions about pre-qualifying? Call us at (440) 234-9660. Northeast Bancorp of America, Inc. answers pre-qualifying questions every day.

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