When to Talk to Your Mortgage Professional About Pre-Qualifying

It's important to see a mortgage loan pro early, even before you have determined the kind of home to search for. Why? What can Tom do for you if you haven't negotiated a price, and do not know yet how much you want to borrow?

Tom Can Help You Pre-Qualify

Tom can help determine how much of a mortgage loan you can afford, and how much money you can borrow, by taking you through pre-qualifying. During the process, Tom looks at your capacity to borrow - looking at your earning status, available money for down payment, debt, income, and other areas. We will require a minimum amount of paperwork, with a quick process.

After you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent may call it a "pre-qual"), which says that we are working with you to find the ideal mortgage loan program to meet your situation and that we are confident you will qualify for a loan for a certain amount.

Power in the Pre-Qual

Several benefits open to you after you have found your new house, and have pre-qualification power. The first is that you can know the amount you can afford when calculating your offer. Even more important to the current owner, your pre-qualification status gives them confidence - as if you'd come into their house with a big box of cash to back up the offer! They will not need to be concerned they are wasting their time if you don't be able to qualify for a high enough mortgage. The seller of the home won't wonder if he can 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 lose sleep over. They have a virtual guarantee that they can trust your buying power.

Tom will help you pre-qualify

Tom will help you calculate how much of a mortgage loan you can afford, and the amount of money you will be able to borrow, by walking you through pre-qualifying. During this process, Tom calculates your capacity to borrow - reviewing your job, money available for down payment, existing debt, income, and other areas. It's quick and basic; and we keep the paperwork to a minimum.

Face to Face

It's important to sit down and talk with Tom, even though you are welcome to also utilize the helpful mortgage calculators on this website. For one thing, you will need a Pre-Qualification Letter! For another thing, Tom could find a different mortgage choice that fits your situation better. Let Tom Mencke get you started: Contact him at 1-708-647-5240.

Have questions about pre-qualifying? Call Tom at 1-708-647-5240. It's his job to answer pre-qualification questions, so he's happy to help!