Pre-Qualification and Pre-Approval
Before you look for a home, it makes sense to find out how much financing for which you may qualify. A good first step is to speak to a Mortgage Loan Officer, who will help you determine what you can afford and the type of loan that best suits your needs. This will ensure that you begin your search as an educated buyer.
Pre-Qualification is a preliminary review of your credit report. This will help us decide what mortgage financing options are available for you. A Pre-Qualification Approval Certificate will be provided to you. This Certificate can be given to your Realtor as a sign of confidence that you are a serious Pre-Qualified home buyer.
Pre-Approval is a financial evaluation that involves applying for a mortgage, underwriting and a commitment by the lender to a specific loan amount. After applying we will provide you with all required application disclosures including a Good Faith Estimate of Settlement Costs and an “Intent to Proceed” notice. If you agree to proceed, we will collect funds necessary to cover the cost of your Appraisal.
If you’re pre-approved for a mortgage, your lender will provide you a letter stating that you have conditional approval for a specified loan amount.
Here are a few lenders: