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 Are you pre-qualified or pre-approved for your loan?
Before you begin to shop for a new home or investment property, you should set up a time to meet with me so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, Pinnacle Mortgage Group will collect some information regarding your debt, income, and assets. We’ll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. I then issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.
NOTE: It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend.
Getting "Pre-Approved" for a loan gives you a distinct advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.
To get pre-approved, you will need to
complete a mortgage application and provide Pinnacle with various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. We’ll review your mortgage options and submit your application to the lender that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home.
A pre-approval letter is issued and based upon information provided on the borrower(s); It is subject to an appraisal of the home or investment property you wish to purchase and certain other conditions. The appraisal must be performed, along with a Title search and updated income verification before final loan doc's and funding ; If your financial situation changes (e.g. you lose your job and/or credit scores decline), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly. Pinnacle Mortgage Group and it's expert Loan Consultants are here to walk you thru the lending maze and avoid potential land-mines, every step of the way thru loan closing! To see how much house you qualify for please take a moment to fill-out the form below and one of our expert staff will get back to you shortly.
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