Even if you haven't so much as narrowed down homes to visit yet, it is advantageous to contact your mortgage professional early. Why? When you don't yet know how much home you need to qualify for, how can we help?
When we pre-approve you, we help you decide the amount in monthly mortgage payments you can afford, and how much we of a loan you can qualify for. We will accomplish this by considering your debts and income, your work and housing circumstances, your funds available for a down payment, required reserves, and other financial considerations. It's quick and basic; We take pride in keeping the paperwork light.
When you are approved, will give you a Pre-Approval Letter (your real estate agent might call it a "pre-qual"), that documents the fact that we are helping you to find the right mortgage loan program to fit your situation and that we're confident you will qualify for a loan for a certain amount.
Once you locate the house that meets your needs, and you want to make an offer, being pre-approved for a mortgage will do a couple of things. First, it lets you know how much you're able to offer.
Having pre-approval also will make your offer look even better to the seller, as if you were bringing them a bag full of cash! They won't need to wonder if that they have been wasting their time if you won't be able to have the ability to be approved for a high enough mortgage loan. The seller won't be concerned that he won't be able to count on you to qualify for your mortgage in the amount you'll need. Your approval for the necessary mortgage loan amount will not be something for them to be concerned about. They have a virtual guarantee to trust your ability to back up your offer.
We will help you be pre-approved
We will help you calculate how much of a mortgage you can afford, and the amount of money you will be able to borrow, by taking you through the pre-approval process. This process outlines your finances - your debt, income, career, down payment money, among other things. We require a minimum amount of paperwork, with a short, basic process.
It's important for you to sit down and meet with us, even though you are free to also try the helpful mortgage loan calculators on this website. For one thing, you'll need a Pre-Approval Letter! For another thing, we might locate a different mortgage program that fits your goals better. Contact us at 888-357-1440 to get started.
Have questions about pre-approvals? Call us at 888-357-1440 or email us at Info@EMBLenders.com. We answer pre-qualification questions every day.