Why it's Important to Pre-Qualify

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Even if you've not so much as picked out homes to visit yet, it's important to visit with your mortgage professional early. Why? What can we do for you if you haven't made an offer, and do not yet know how much you want to borrow?

Pre-Qualify

We can help you see how much of a mortgage you can afford, and how much money you will be able to borrow, by walking you through pre-qualifying. We achieve this by considering your income and debts, your work and residence situations, the funds available for down payment, required reserves, and some other things. It's quick and basic; We take pride in keeping the paperwork to a minimum.

When you are considered eligible, we document our confidence in your ability to qualify for a loan by giving you a Pre-Qualification Letter (also known as a "pre-qual").

Power in the Pre-Qual

Various advantages open to you after you've found your next house, and have pre-qualification. First, you have some general numbers in mind, as the total you will qualify for with your mortgage loan. Of greater importance to the current home owner, your being pre-qualified is like your having walked into their house with a bag full of money to purchase their home! They need not worry that they're wasting their time if you don't have the ability to qualify for a big enough mortgage. The seller won't be concerned that he can't trust you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount won't be something for them to be concerned about. You have the capability to back up your offer.

We can help you pre-qualify

We can help you calculate the loan amount you can qualify for and the monthly mortgage payment amount you can afford by helping you pre-qualify. In this process, we determine your borrowing potential - analyzing your employment, available money for down payment, existing debt, income, and other circumstances. It's quick and to the point; and we take pride in keeping the paperwork light.

One-on-One

It's important for you to sit down and meet with us, even though you are free to also utilize the helpful mortgage calculators on this website. That way, we'll be able to help you get your pre-qualification letter. For another thing, we could be able to 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.