Getting prequalified for a mortgage loan - PrimeLending, a PlainsCapital Company

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 is important to see your mortgage professional first. Why? What will I do for you if you have not yet negotiated a price, and do not yet know how much you want to borrow?

When you are pre-qualified, I will determine how much of a monthly mortgage payment you can afford, and how much you can borrow. This is done by considering your income and debts, your employment and residence situations, your available funds for down payment (if any) and required reserves, and of course what are your plans for this property. This is always done the same day, and in some cases in a matter of minutes.

Once you qualify, I will give you and/or your realtor what is called a Pre-Approval Letter (your real estate agent might call it a "pre-qual"), which says that we have secured a loan for you and can guarantee that you will receive this loan.

When you find a house 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 will help you decide with an appropriate offer, but being pre-qualified gives you the confidence to know you will follow through.

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 will not have to wonder if they are wasting their time with your offer, because they already know you 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 on the spot.

You can always use the calculators available on this site to get an idea of how much mortgage you can afford -- but it is crucial to meet with me. For one thing, you will need a Pre-Qualification Letter. Most likely though, we will most likey, through our discussions, be able to find a different mortgage program that better fits you needs.

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