GET PRE-APPROVED FOR YOUR LOAN !

Are you pre-qualified or pre-approved for a loan?

Before you begin to shop for a new home, you should set up a time to meet with me so we can figure out how much you can afford. This will put you in a better position as a buyer.  It's 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.

To get pre-qualified for a loan, I will collect information about your credit, income/debts, and assets.  Based on your income/debt & how much you have to put down we will determine the amount you qualify for and how that relates to the payment you want.   We will discuss different loan programs & determine what will work for you.  I 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 pre-approved for a loan for a specified amount.

To get pre-approved, you will complete a mortgage application and provide me with various information verifying your employment, assets and financial status.  This will include 2 years tax returns, including W-2 forms, bank statements & any other information on additional assets. We’ll review your mortgage options and submit your application to the investor whose program best meets your needs & has the most competive rates.  Once the application process is complete, I will submitt to the investors automated underwritering  program and receive an answer immediately subject to the appraisal & title.   I will prepare a pre-approval  letter indicating the amount the investor is willing to lend you for your purchase.