Should you talk to a mortgage professional before house hunting?

Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first.  Why?  What can we do for you if you haven't negotiated a price, and don't know yet how much you want to borrow?

When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you.  We do this by considering your income and debts, your employment and residence histories, your available funds for down payment and required reserves, along with other things.  It's short and to the point, and we keep the paperwork to a minimum!

Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which states that we are working with you to find the best loan to meet your needs and that we're confident you'll qualify for a loan for a certain amount.  In some instances, where you are sure you will be purchasing a home, we can actually submit your entire loan package to a lender for formal loan approval.  This is better than just a Pre-Qualification Letter, because it's an actual approval with all the conditions that will need to be fulfilled prior to funding your loan.  This process will be very beneficial to you because it will show the seller of the home you are intending to purchase, that you are a solid, qualified buyer, thus possibly enabling you to negotiate a better price and terms.  (we say "possibly" because it all depends on the current market conditions and whether it's a "Buyer's Market" or "Seller's Market").

When you find a home that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things.  First, it lets you know how much you can offer. Your real estate agent (from Aiello & Associates) will help you decide on an appropriate offer (depending on the current market).  Also, being pre-qualified gives you the confidence to know you can follow through with the purchase, thus bringing you closer to homeownership.

More importantly, to a home seller, your being pre-qualified is like you walked into their house with a suitcase full of cash to make the deal!  They won't have to wonder if they're wasting their time because you'll never qualify for a mortgage to finance the amount you're offering for the home.  You have the clout of a buyer ready to make the deal right now!

You can always use the calculators available on our site to get an idea of how much mortgage you can afford.  However, it's important to meet with us so that we may further explain and answer any questions you may have with regards to the mortgage qualification process.  Another reason to meet with us, is so that we can better understand your financing needs and be able to find the best mortgage program that is right for your situation.