The Importance of Pre-Approving
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Even if you have not narrowed down houses to visit yet, it's valuable to see your mortgage professional first. What for? How can we help before you have negotiated a purchase amount, and do not yet know the amount you want to borrow?
We Can Help You Get Pre-Approved
When we pre-approve you, we help you figure out how much of a monthly mortgage payment you can afford, and the loan amount you can qualify for. In this process, we calculate your borrowing power - analyzing your job, money available for down payment, debt, income, and other areas. We will ask for a minimum amount of paperwork, with a short,basic process.
After you qualify, we give you what's called a Pre-Approve Letter (your real estate agent may refer to it as a "pre-approval"), that says that we are helping you to find the best loan program to meet your needs and that we're confident you will qualify for a loan up to a certain amount.
With your pre-approval letter, several advantages fall at your feet once you locate the home you want to put together an offer on. The first is that you will know the amount you can afford when putting together the offer. Being pre-approved also will make your offer more attractive to the home seller, like you were bringing them a big box of cash! They will not 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 mortgage in the amount you'll need.Your qualifying for the necessary loan amount won't be something for them to be concerned about. They have a virtual guarantee that they can trust your buying power.
We will help you get pre-approved
When we pre-approve you, we help you find out how much of a monthly mortgage payment you can afford, and the loan amount you will qualify for. We will accomplish this by reviewing your income and debts, your employment and residence circumstances, the available funds for a down payment, required reserves, and some other things. It's a short, thorough process with minimal risks for papercuts.
If you're not pre-approve properly it can cost you money, there are a lot of pieces to the puzzle in securing a mortgage so anything less than a full pre-approval with your income, credit, and assets fully evaluated can result in a very disappointing outcome.
Have questions about pre-qualifying? Call us at 561-792-4323. Inlet Mortgage Corporation answers pre-approval questions every day.