When you pre-qualify, your mortgage professional helps you determine how much of a monthly mortgage payment you can afford, and how much can be loaned to you. They do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things.

Once you qualify, your Mortgage Professional will give you whats called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which says that you are working with someone to find the best loan to meet your needs and that they are confident youll qualify for a loan for a certain amount.

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 on an appropriate offer, but being pre-qualified gives you the confidence to know you can 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 wont have to wonder if theyre wasting their time because youll never qualify for a mortgage to finance the amount youre offering for the home. You have the clout of a buyer ready to make the deal right now.

The time to speak with a mortgage professional is the moment you decide to look at any form of financing. Its best to speak with one first, gather the facts, then make your decision.

Make sure that the mortgage professional you choose to do business with has a great understanding of what you plan to do with the property. By explaining your specific situation, they can better tailor a program to meet all of your needs.

It is important to make sure that you are completely honest with your mortgage professional. Do not try to hide skeletons in your financial closet. If you do not give your mortgage professional the full story, they may not be able to honor your pre-qual.

If you would like to discuss the specifics of your situation I would be happy to go over all of your options, and let you know how much you would qualify for, what your monthly payments would be etc. I can be reached at 214-432-1062 or johnp@dallasgetaloan.com.

You will want to talk to a mortgage professional if you are considering refinancing your mortgage. There are many, many different options available when looking to refinance and it is important that you fully understand what is going on so that you and your mortgage professional can find the right program for your situation and to help you obtain your future goals.