Do I qualify?

Content of the page

Knowing if the bank will give you a mortgage loan or not prepares you for your application process. Pre-qualification is an initial evaluation that we make in order to determine the amount you can borrow. Here we tell you what information we take into account when making a decision.

Here you can find:

  • What information you get through a pre-qualification
  • Pre-qualification vs Preapproval
  • What information we use to qualify you
Content Block

Get Informed


As soon as you fall in love with your house, the first thing you should do is visit us! Call us at 787-760-8100 and schedule your appointment for an initial interview with one of our Mortgage Consultants. We will be happy to guide you through the process and inform you about the different financing options.

Pre-qualification is a simple and quick process through which we evaluate your income and expenses to get a better idea of how much you can pay. This process simplifies and speeds up the purchase procedure, and also lets you know if you need anything else to qualify. Currently, many real estate brokers request a pre-qualification letter in order to sign a Call Option. Paycheck slips and details about your debts are included among the documents we require.

With a pre-qualification you will know:

  • your ability to pay
  • what houses you can buy
  • the amount of credit you could get from your bank
  • the deposit you need for starting the process
  • details about closing expenses

Pre-qualification vs Pre-approval


Pre-qualification is a document where you request to be qualified for a particular loan, in order to know how much you could pay for the property you wish to buy. It is conditioned to completing the credit file with the information and/or documents required to complete the loan process.

Pre-approval is a credit application prior to choosing a property to buy. 

Decision-making factors for granting a mortgage loan


Attaining a mortgage loan can be simple if you prove to be a responsible person with the ability and intention to fulfill your payments. These factors are taken into account when calculating the mortgage we can offer you:

  • Job stability: We value your employment stability. The longer you have been working in a company and the more stable your employment is, the better the chance to get your mortgage approved.
  • Monthly income: By submitting your pay stubs or account statements, we can validate how much of your income may be applied to pay the loan you are requesting. That is why we also inquire if you pay rent, or if you have people who depend upon your salary, such as children or parents, and about any other monthly expenses you may have. At FirstMortgage, we make sure not to overload your debts in order to guarantee your financial health.
  • Payment history: If you pay all your debts as agreed and pay off your credit cards, your history will remain clean, which will result in a higher rating at the time of calculating your mortgage credit.
  • Credit history: Your credit history might not only be affected by how often you use your credit, but also by frequent refinancing requests. Constantly requesting new credit or frequently refinancing your debts might lower your score when applying for a loan.
  • Experience with other types of loans: Previous experience with other loans, such as car loans or student loans, also reflects whether you are a responsible and trustworthy person who has managed their finances well.
  • Current debts: Being too close to your credit limits could show a higher risk of default and affect your credit score. Therefore it is important to keep debts at their lowest level and pay due balances monthly.