The Importance of Pre-Qualification

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Even if you haven't so much as researched homes to visit yet, it's valuable to see your mortgage professional early. Why? Perhaps it is difficult to understand how we could help even before you begin to calculate your offer.

Pre-Qualify

We can help you calculate how much of a mortgage you can afford, and how much money you may be able to borrow, by taking you through pre-qualifying. We will achieve this by analyzing your income and debts, your work and housing situations, the funds available for a down payment, required reserves, and other considerations. It's a quick, thorough process with minimal risks for papercuts.

After you are determined to be eligible, we prove our confidence in your ability to qualify for a mortgage loan by giving you a Pre-Qualification Letter (also called a "pre-qual").

Buying Clout

When you find a house that meets your needs, and you decide to put together an offer, being pre-qualified for a mortgage loan will do several things. First, it helps you know how much you're able to offer. Of greater importance to the home seller, your being pre-qualified is like your having walked into their house with a suitcase full of cash ready to purchase the house! They need not be concerned they are wasting their time if you don't have the ability to qualify for a big enough mortgage loan. The seller won't be concerned that he can't count on you to qualify for your mortgage in the amount you will need.Your qualifying for your needed mortgage loan amount will not be something for them to fret over. You have the ability to back up your offer.

We can help you pre-qualify

Our mortgage professionals will help you find out the loan amount you can qualify for and the monthly mortgage payment amount you are able to afford by helping you pre-qualify. We do this by reviewing your debts and income, your work and residence circumstances, your available funds for a down payment, required reserves, and other considerations. It's short and basic; and we keep the paperwork light.

One on one

You can certainly use the mortgage calculators here on our website to get an idea of how much mortgage you can afford - but it's also important to talk with one of our mortgage professionals. We can begin working on your pre-qualification letter. For another thing, we may be able to locate a different mortgage program that is a better fit for you. Let us get you started: Contact us at 703-871-1329.

Have questions about pre-qualifying? Call us at 703-871-1329. The Rosenbaum Lending Group answers pre-qualifying questions every day.