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It's important to visit with a mortgage professional first, even if you haven't settled on what sort of house to search for. Why? It may be hard to fathom the ways we can help even before you start to calculate your offer.
We Can Help You Pre-Qualify
We will help you see how much of a mortgage you can afford, and the amount of money you can borrow, by taking you through the pre-qualification process. We accomplish this by analyzing your income and debts, your employment and residence situations, your available funds for a down payment, required reserves, and some other things. It's a quick, thorough process with minimal risks for papercuts.
Once you are considered eligible, we document our confidence in your ability to qualify for a mortgage loan by awarding you a Pre-Qualification Letter (also known as a "pre-qual").
After you locate a house that meets your needs, and you want to put together an offer, being pre-qualified for a mortgage will do several things. First of all, you have some general numbers in mind, as the total you will be able to borrow. Of greater importance to the current home owner, your pre-qualification is like your having walked into their front door with a bag full of cash ready to make the deal! They will not need to be concerned that they have been wasting their time if you can't have the ability to qualify for a big enough mortgage loan. The seller of the home won't wonder if he can count on you to qualify for your loan.Your qualifying for the necessary loan amount won't cause them concern. They have a virtual guarantee to trust your buying power.
We will help you pre-qualify
When we pre-qualify you, we help you determine the amount you can afford in mortgage payments you can afford, and the loan amount you can qualify for. This process outlines your finances - your debt, income, employment, cash available for down payment, among other things. It's a short, thorough process with minimal risks for papercuts.
It is important to sit down and talk with us, even though you are free to also try the helpful mortgage loan calculator tools on this website. For one thing, you will need a Pre-Qualification Letter! For another thing, we may be able to find a different mortgage option that fits your goals better. Let us help you get started: Call us at (408) 540-0200.
Have questions about pre-qualifying? Call us at (408) 540-0200. First Funding answers pre-qualifying questions every day.