Pre-Approval Versus Pre-Qualify

Getting qualified before you apply for a loan will help you determine how much you can borrow. You can easily get pre-qualified over the phone or on the Internet in a few minutes.

A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

• Find out the maximum house you can buy, so you don't waste time looking for properties you cannot afford.
• Puts you in a stronger position when you are negotiating with the seller because the seller knows that your loan is already approved.
• Helps you close quickly, since your loan is already approved.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

• Credit history
• Employment history
• Assets including your bank accounts, stocks, mutual fund and retirement accounts
• Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a maximum loan amount approval:

• Fill out the loan application completely.
• Respond promptly to any requests for additional documents.
• Do not make any major purchases. Do not buy a car, furniture or another house until your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
• Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
• Do not go out of town around the closing date.
• If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney to authorize another individual to sign on your behalf.