Home Loan Qualification is the first step in the home buying process. Obtaining a Qualification is quick, painless and costs nothing. Housed Home Loans provides mortgage qualifications that will give you an estimate of what you can afford.
Mortgage Qualification
Taking the step forward into opens in a new windowgetting qualifiedopens PDF file for a home loan may seem like a lot. However, once you are familiar with how mortgage qualification works you will see there is little to worry about. The HOUSE Team will guide you through each step. Also, here on the qualification section of our site you will learn about:
- What is Mortgage qualification
- The Benefits of getting qualified
- The qualification form and what is looks like
- How to get qualified (4 easy steps)
- The amount of time your qualification is good for
What is Mortgage Qualification?
Home Loan Qualification is central to financing a new home. It is simple yet extremely important. Mortgage qualification is based on initial information you provide on your credit, income, assets, and debts, but the loan has not been approved by an Underwriter. You will receive an estimated dollar amount of the size of loan you can afford.
Once qualified, you will feel more confident and save time by only looking at houses within your price range. As a result, you can shop for a home with fewer concerns and with a Pre-Qualification Form (“PQF”) in hand. In short, completing a Home Loan Qualification let’s you shop for a home. It tells sellers you are a serious and qualified buyer. Lastly, it helps you figure out what mortgage option is best for you before committing to a home purchase. in hand.
In short, completing a Home Loan Qualification let’s you shop for a home. It tells sellers you are a serious and qualified buyer. Lastly, it helps you figure out what mortgage option is best for you before committing to a home purchase.
Benefits of Mortgage Qualification
Obtaining home loan qualification comes at no cost to you. On the other hand, the benefits of doing so are extensive.
First, completing qualification allows you to make legitimate offers on homes in the marketplace. Second, it allows you to explore all mortgage options we provide and find one best suited to you.
Make Legitimate Offers on Homes for Sale
The first goal of a mortgage pre-qualification is simple. Put yourself in a place to make legitimate offers that sellers will consider. In fact, getting qualified and having a “Pre-Qualification Form” (or “PQF”) makes your offer more attractive to sellers.
opens PDF file In Arizona a standard Pre-Qualification is used. The form (called “PQF” for short) shows sellers the level and extent of a buyer’s qualification with their mortgage lender.
Down Payment
The down payment you make on your home purchase is a major factor. Today’s mortgage market offers a variety of down payment options. Whether 20% down to avoid mortgage insurance or 3% for cash preservation, finding your perfect down payment is important.
Monthly Mortgage Payment
In addition to down payment, finding the best monthly mortgage payment is helpful. During the pre-qual phase we help you match the right monthly payment with the right down payment and loan product. Many home-buyers are surprised how monthly mortgage payment options for the same purchase price can vary significantly based on overall loan strategy.
Best Mortgage Product
Another element addressed during the mortgage qualification phase is home loan product. Finding the best mortgage product options available in today’s evolving market is our primary focus. From examining brand new loan options to looking at existing options, we ensure you end up in the best product for your situation.
Overall Home Loan Strategy
Ultimately, our goal is to combine all of the above along with other relative factors (for example – mortgage insurance, loan term, rate buy-down etc…). The end result is a home loan strategy the serves you and your needs.
3 Steps to Get qualified for a Home Loan
Obtaining mortgage qualification for a new home loan may not be as scary as many think. In fact, often the process takes as little as 24 hours. Here are the 3 steps that you take to get pre-qualified for a Conventional, FHA, USDA or JUMBO home loan. Learn more about VA loan qualification here.
- Step 1: Needs Analysis
During your Needs Analysis, the HOUSE Team learns about your wants, needs and goals. For example, desired monthly payment, down payment and future plans are all discussed during this step.
- Step 2: Home Loan Application
Completing a home loan applicationopens PDF file is simple. In fact, it only takes about 10 minutes on the phone with or online.
- Step 3: Supporting Documents
You’ll provide information on your credit, income, assets and debts so we can give you an estimate of the size of a loan you can afford.
How Long is a Loan Qualification Good For?
Once completed, your Loan Qualification is valid for 120 days.
That is it! After finishing these 3 simple steps your Mortgage Qualification is complete. Housed Home Loans typically completes Home Loan Qualification within 24 hours 7 days a week. As a result, you cab focus on the fun part – shopping for a your new home.
Team Phone: 602.435.2149
Team Email: Team@JeremyHouse.com