When to Speak to A Mortgage Professional About A Pre-Qualification

It's helpful to bring in a mortgage loan professional early — even before you've started to consider neighborhoods. Why?  Most seasoned realtors will only show you properties after you have been pre-qualified.  They want to make sure everything goes as smooth as possible since this is your largest purchase in your lifetime.  This also adds a high level of negotiating power in todays fast paced real estate market.

Whomever you speak with regarding a mortgage, always ask them to send you a Fee Worksheet or a Loan Estimate!  Then you will be able to compare apples to apples, and oranges to oranges when shopping for a loan!  If they will not send you one, cross them off your list and keep on calling around.  Most rates are going to be similar.  Make sure you chose someone you feel you trust and have confidence they know what they are talking about.  Don't be afraid to ask them for a copy of their loan program guidelines!  The good loan originators will always share everything with you. 

Whatever you do when shopping around for a broker or lender, do not go giving them all your social security number to pull your credit - this lowers your credit score!  Go to Credit Karma or someplace similar and find out what your credit score is.  These scores will be a little higher than the scores a mortgage company uses...yes, there are all types of different scores!  That's another entire discussion.  But it is good enough for a quote from different companies to get a rate quote.

Pre-Qualify

I will help you find out how much of a loan you qualify for and the monthly mortgage payment amount you are able to afford by getting you pre-qualified.  In this process, I calculate your borrowing potential by reviewing your credit, employment, income, available money for down payment, down payment assistance programs, existing debt, and many other areas.  It's a quick, thorough process with minimal risks for paper cuts.

I'll give you a Pre-Qualification Letter once you are qualified that states that I am confident you'll qualify for up to a pre-determined maximum amount of a mortgage.  But, I have not looked at one piece of your paperwork, so a lot can go sideways on this, especially if you are on commission or self employed.  Please see my page "Are You Pre-Qualified" for a variety of ways to become qualified. 

Power in the Pre-Qualification

With your pre-qualification letter, a number of advantages are yours when you find the home you want to place an offer.  First of all, you have some definite numbers in mind, as the total you will be able to borrow.  Even more important to the existing owner, your pre-qualification gives them some certainty you qualify for a loan.  This tells the sellers that you have the potential to qualify for a mortgage.

One on one

Please feel free to use the mortgage calculators on the home page of my website to calculate the size mortgage you can afford - but it's also valuable to talk with me.  There are a great deal of exceptions to the general rules in lending.  I will help you find the best mortgage options that fits you specific needs.  

For further information on pre-qualification options, see the tab on my website entitle "How to get Started" and click on "Are you pre-qualified".  There are a variety of ways to be qualified for the purchase of a home - you will want to read this page for further information.

Do you have questions about pre-qualifying?  Call or email me at 941-504-1445 Sherry@SherryBitner.com I answers pre-qualifying questions every day.