Pre-Qualifying vs. Pre-Approval

PRE-QUALIFYING:

a process performed by one of our Mortgage Consultants to determine

1. How much you can afford to buy, and
2. Which loan options work best for you.

PRE-APPROVAL:

a GUARANTEED loan commitment from us for the exact dollar amount of loan that you will be granted, pending the selection of your dream house. It is like having cash in your hand when you make an offer.

PRE-APPROVAL PROCESS

We will review and verify the following:

1. The loan amount you’re requesting.
2. Your credit report and your appropriate credit score.
3. The amount of your income and your cash in the bank.
4. After careful review, we will provide a written loan commitment.

A Pre-Approval Letter is worth it’s weight in gold!

It will allow your Real Estate Agent to tell the Seller –

“Take our client’s offer seriously. Our client has the financial capacity to close the deal”.