Why it's Important to Pre-Qualify

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Even if you haven't picked out houses to visit yet, it's important to visit with your mortgage loan professional early. Why? What can we do for you if you have not negotiated a purchase amount, and do not know yet the amount you need to borrow?

Pre-Qualify

When we pre-qualify you, we help you figure out how much of a monthly mortgage payment you can afford, and the loan amount you will qualify for. In the process, we calculate your ability to borrow - analyzing your employment, money available for down payment, debts, income, and other areas. It is a short, thorough process with minimal risks for papercuts.

Once you qualify, we give you a Pre-Qualification Letter (your real estate agent might refer to it as a "pre-qual"), that states that we are partnering with you to find the right mortgage loan program to fit your financial needs and that we are confident you will qualify for a mortgage loan for a specific amount.

Power in the Pre-Qual

Holding your pre-qualification letter, a number of advantages fall at your feet when you locate the home you want to make an offer on. First of all, you have some definite numbers in mind, as the total you can borrow. Of greater importance to the home seller, your pre-qualification is like your having walked into their front door with a bag full of cash ready to purchase their house! They won't need to worry that that they have been wasting their time if you will not be able to qualify for a high enough mortgage loan. The seller won't be concerned that he can't trust you to qualify for your loan.Your qualifying for your needed loan amount will not be something for them to be concerned about. You have the capability to back up your offer.

We will help you with your pre-qualification

Our mortgage professionals will help you calculate how much of a loan you can qualify for and the monthly mortgage payment amount you are able to afford by getting you pre-qualified. During this process, we look at your capacity to borrow - analyzing your employment, money available for down payment, debt, income, and other areas. We require a minimum amount of paperwork, and avoid a lengthy process.

Face to Face

You can always use the calculators available on our website to get an idea of how much mortgage you'll be able to afford - but it's also important to meet with us. We can work toward your pre-qualification letter. For another thing, we may locate a different mortgage loan option that is a better fit for you. We are eager to hear from you: call us at 410-451-2755.

Have questions about pre-qualifying? Call us at 410-451-2755. Washingtonian Mortgage, LLC answers pre-qualifying questions every day.