The Importance of Pre-Qualification

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Even if you haven't so much as narrowed down houses to visit yet, it is valuable to contact your mortgage loan professional first. Why? What can we do for you if you haven't made your offer, and don't yet know how much you want to borrow?

Pre-Qualify

We will help determine how much of a mortgage loan you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. We can achieve this by analyzing your debts and income, your employment and housing circumstances, the available funds for down payment, required reserves, and other considerations. It is a short, thorough process with minimal risks for papercuts.

We'll award you a Pre-Qualification Letter once you qualify, which states that we are confident you can qualify for a certain amount of mortgage dollars.

Buying Power

Armed with your pre-qualification letter, some advantages fall at your feet once you find the house you want to put together an offer on. First, it helps you know the amount that you are able to offer. Being pre-qualified also will make your offer more attractive to the home seller, as if you were bringing them a bag full of cash! They will not have to wonder if that they are wasting their time if you do not be able to qualify for a big enough mortgage loan. The seller of the home won't worry if he can count on you to qualify for your loan.Your qualifying for the necessary loan amount will not be something for them to worry about. You have the ability to back your offer up.

We can help you pre-qualify

Our mortgage professionals can help you determine the loan amount you can qualify for and the monthly payment amount you can afford by getting you pre-qualified. During this process, we look at your capacity to borrow - looking at your job, money available for down payment, existing debt, income, and other circumstances. We will require a minimum amount of paperwork, with a quick process.

One-on-One

You can certainly use the calculators here on our site to calculate how much mortgage you'll be able to afford - but it's also valuable to meet with one of our mortgage professionals. For one thing, you'll want a Pre-Qualification Letter! Next, we can study your mortgage loan choices to make sure you are in the best one. Contact us at (401) 583-4150 to get your pre-qualification process started.

Have questions about pre-qualifying? Call us at (401) 583-4150. South County Mortgage answers pre-qualifying questions every day.

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