|
Preapprove, prequalify? Mortgage, loan, home loan? What are the differences?
 Your First Equity Loan Officer is your financing consultant and will make the process to preapprove or prequalify your mortgage loan smooth and uncomplicated for you.
You can prequalify for your mortgage loan over the phone.
You can prequalify for a mortgage online. Request more information about how to prequalify or get preapproved.
|
Prequalify or Preapprove Your Mortgage?
Know the differences between being pre-qualified and pre-approved?
There is a big difference between these two often used mortgage terms. Knowing the difference gives you the power to negotiate.
Before you begin to shop for a house, you should prequalify for your mortgage. When you have a pre-qualification letter in your hand, your real estate agent and the seller will sit up and take notice. To start your prequalification now, click here.
Pre-Qualification:
-
Based on preliminary information regarding your income, debts and assets
-
Information is usually provided verbally by the buyer(s)
-
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
A Pre-Qualification means that you meet the basic criteria for loan approval, but is not a commitment to lend you the money needed to purchase the home. It tells the seller that you are capable of purchasing the home, but have not completed the steps necessary to acquire a mortgage.
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's loan is approved, subject only to home's appraisal
A Pre-Approval is a statement from the lender offering a loan to you, as long as the home you are purchasing has a high enough appraised value. This means that you are capable of purchasing the home and places you in a position to be able to complete the purchase. The seller will take any offer you make as a serious offer from you.
How can I get started?
Simply call us toll free at (888) 351-1318 or to prequalify for a mortgage online, take two minutes and click here to fill out a short form online, your personal loan officer will contact you to help you get started.
For residential mortgage loans, we can compare rates with at least four lenders for you. Many borrowers tell us that they enjoy using our VIP Borrower Program. It allows you to apply online and lets our VIP Team do the loan search for you. Take the hassle out of searching for the best mortgage loan - complete one application with us and our VIP Team will do all of the work. One person contacting you, no worry about phone calls all hours of the day and night, and the security of knowing your information is not being sent to multiple brokers around the world.
Back to Home Purchase main page
Prequalify Mortgage
|
|
