The Importance of Pre-Qualifying

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It can be helpful to visit with a mortgage loan pro early, even before you have decided the sort of home to search for. Why? It might be hard to fathom the ways we could help even before you begin to calculate your offer.

Pre-Qualify

When we pre-qualify you, we help you find out how much of a monthly mortgage payment you can fit in your budget, and the size of loan you will qualify for. The process takes you through your finances - your debt, income, job, and cash available for down payment, among other things. We require a minimum amount of paperwork, and avoid a lengthy process.

Once you are determined to be eligible, we will prove our confidence in your potential to qualify for a mortgage by giving you a Pre-Qualification Letter (also known as a "pre-qual").

Power in the Pre-Qual

Holding your pre-qualification letter, several advantages fall at your feet once you locate the home you want to make an offer for. The first is that you can know the amount you'll be able to afford when putting together the offer. Of greater importance to the current home owner, your pre-qualification is like your having walked into their house with a bag full of cash to purchase their house! They won't have to be concerned they're wasting their time if you don't have the ability to qualify for a high enough mortgage loan. The seller won't worry if he can trust you to qualify for your mortgage in the amount you'll need.Your qualifying for your needed loan amount won't be something for them to worry about. They have a virtual guarantee that they can trust your ability to back up your offer.

We will help you pre-qualify

We can help you see how much of a mortgage loan you can afford, and the amount of money you can borrow, by walking you through pre-qualifying. We will do this by considering your income and debts, your employment and residence circumstances, your funds available for down payment, required reserves, and some other things. It's quick and basic; and we take pride in keeping the paperwork to a minimum.

One-on-One

While you are encouraged to benefit from our mortgage calculators on this website, it's a good idea to meet with one of our mortgage professional team members. For one thing, you'll need a Pre-Qualification Letter! Then, we will make sure we have found the right mortgage loan program for you. Contact us at 703-385-6122 #236 to get started.

Have questions about pre-qualifying? Call us at 703-385-6122 #236. Fairfax Mortgage Investments answers pre-qualifying questions every day.