 Are
you
pre-qualified or
pre-approved for
a home purchase loan?
Before you begin to shop for a new home, you should set
up a time to speak with us so we can figure out how much
you can afford. This will put you in a better position
as a buyer. That's when it is important to understand
the distinction between being pre-qualified for a loan
and
pre-approved
for
a loan. The difference between the two terms will be
crucial when you decide to make an offer on a house.
Calculator
Should you
rent or should you buy your home? It takes more than looking at
your mortgage payment to answer this question. This calculator
helps you weed through the fees, taxes, and monthly payments to
help you make a good financial decision.
Get
Pre-Qualified
To get pre-qualified
for a loan, we will collect information about your debt,
income, and assets. We'll look at your credit profile
and assess your goals for a down payment and get an idea of
the
different loan programs that would work for you. We will
issue you a pre-qualification letter indicating the
amount you are
pre-qualified
to borrow.
It is important to understand that a
pre-qualification
letter is just an estimate of what you are eligible to
borrow, not a commitment to lend. Getting pre-approved
for a loan gives you competitive advantage when the time
comes to bid on a home because you have been approved
for a loan for a specified amount.
Get Pre-Approved
To get pre-approved,
you will complete a
mortgage application
and provide us with various information verifying your
employment, assets and financial status such as W-2
forms, bank records and credit card statements. We'll
review your mortgage options and submit your application
to the lender that best meets your needs. Once the
application process
is complete you will receive a
pre-approval letter indicating the amount your lender is
willing to lend you for your home.
A pre-approval letter is not binding on the lender; it
is subject to an appraisal of the home that you wish to
purchase and certain other conditions. If your financial
situation changes (e.g. you lose your job), interest
rates rise or a specified expiration date passes, your
lender must review your situation and recalculate your
mortgage amount accordingly.
If you are in need of a Realtor,
Insurance Agent, or Home Inspector,
CLICK HERE to find out more
information about experienced professionals who we have worked
with, trust, and recommend.
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