Why Pre-Qualification is Important
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It can be helpful to visit with a mortgage loan pro first, even before you've determined what sort of home to search for. Why? What can we do for you before you have negotiated a price, and don't yet know how much you want to borrow?
When we pre-qualify you, we help you determine how much of a monthly payment you can fit in your budget, and the size of loan you will qualify for. We accomplish this by reviewing your debts and income, your employment and housing situations, your available funds for down payment, required reserves, and other considerations. It's short and basic; We keep the paperwork to a minimum.
We will award you a Pre-Qualification Letter once you qualify, that documents that we're confident you will qualify for a specific amount of mortgage loan dollars.
Power in the Pre-Qual
With your pre-qualification letter, a number of advantages are yours once you find the house you want to put together an offer on. The first is that you'll know what you will be able to afford when determining the offer. Even more important to the seller, your pre-qualification gives them confidence - as if you'd entered their home with a big box of cash to back up the offer! They will not need to wonder if that they're wasting their time if you don't be able to qualify for a big enough mortgage. The seller won't wonder if he can trust you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed mortgage loan amount won't cause them concern. You have the ability to back your offer up.
We will help you pre-qualify
We will help determine how much of a mortgage loan you can afford, and how much money you will be able to borrow, by taking you through the pre-qualification process. During the process, we explore your borrowing capacity - reviewing your job, money available for down payment, debts, income, and other areas. It's quick and basic; and we keep the paperwork light.
You can always use the calculators here on this site to calculate how much mortgage you can afford - but it's also essential to talk with one of our mortgage professionals. We can work toward your pre-qualification letter. Then, we can make sure we have the best mortgage loan program for your situation. Let us get you started: Contact us at 603-893-6616.
Have questions about pre-qualifying? Call us at 603-893-6616. Omni Mortgage Company, Inc. answers pre-qualifying questions every day.