These very important preliminary steps in the
home buying process will save all concerned valuable time. Sellers appreciate
it when only qualified buyers come through their home.
Pre-Qualification
• This can be done by phone and requires basic information concerning
income, debts & assets.
• In-file credit report may or may not be reviewed
• Once a purchase agreement is executed, the buyer must complete a loan
application
• No fee
For your convenience use our Free Mortgage Calculator
to learn what you can afford. it helps to make the process fast, easy and
effective.
Pre-Approval
• Buyer provides documentation of income, debts and assets
• Loan application is completed
• Information is verified and loan is approved by underwriter
• No need to complete application once purchase agreement is executed
(it's already done)
• Buyer makes a deposit on closing costs
• Buyer's loan is approved, subject only to home's appraisal