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It is helpful to bring in your mortgage loan professional early — even before you have begun narrowing down neighborhoods. What for? How can we help if you haven't negotiated an amount, and do not know yet the amount you need to borrow?
When we pre-qualify you, we help you find out the amount in mortgage payments you can afford, and the size of loan you will qualify for. During the process, we determine your borrowing power - analyzing your earning status, money available for down payment, existing debt, income, and other areas. It is a quick, thorough process with minimal risks for papercuts.
When you qualify, we present to you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), which states that we are working with you to find the best mortgage to fit your financial needs and that we are confident you will qualify for a loan for up to a certain amount.
Once you locate the house that meets your needs, and you want to put together an offer, being pre-qualified for a loan will do a couple of things. The first is that you will know the amount you'll be able to afford when calculating the offer.
Even more important to the existing owner, your pre-qualification gives them certainty - as if you had arrived at their house with a suitcase of cash to make the offer! They won't have 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 worry if he can count on you to qualify for your mortgage in the amount you'll need.Your qualifying for the necessary loan amount will not be something for them to lose sleep over. You have the capability to back your offer up.
We can help you pre-qualify
When we pre-qualify you, we help you figure out the amount you can afford in mortgage payments you can afford, and the size of loan you will qualify for. In this process, we calculate your borrowing potential - analyzing your earning status, available money for down payment, existing debt, income, and other areas. It is a short, thorough process with minimal risks for papercuts.
One on one
While you are able to try our tools to calculate mortgage variables on this website, it will be a good idea to meet with us. We can begin getting your pre-qualification letter. Then, we will make sure we have the right mortgage loan program for your situation. Contact us at (650) 689-5684 to get your pre-qualification process started.
Have questions about pre-qualifying? Call us at (650) 689-5684. It's our job to answer pre-qualification questions, so we're happy to help!