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FAQs About Prequalification
Will This Cost You Anything?
Only your time to complete our questionnaire. The prequalification
process is completely FREE.
What Is The Difference Between Prequalification And
Preapproval?
PREQUALIFICATION simply determines the maximum purchase price of a
house that the buyer is qualified to purchase, based on the income and
debt information he or she provides verbally to a mortgage professional.
This prequalifying information the mortgage professional provides is not a
commitment to lend the money! All the information provided by the buyer
must still be verified.
PREAPPROVAL is actually a commitment to lend the amount of money
specified, assuming the property chosen meets the lender's criteria. The
loan process is basically complete when an application has been taken,
including all required verifications, and usually without the property
information being known. A "Preapproval Letter" is issued by the lender.
Why Get Prequalified Or Preapproved?
PREQUALIFYING is a quick way to determine what price range of homes
the real estate agent and buyer should be reviewing. It saves the time and
frustration of finding something you can't afford!
PREAPPROVAL is a must in today's environment; most sellers require it
up-front. It improves the buyer's negotiating position and the length of
time it would take to close the deal. It gives you the "clout" of a cash buyer!
Why Get Prequalified If I'm Refinancing?
PREQUALIFYING will allow you some peace of mind knowing that your
refinance amount is achievable, especially if you're trying to get cash
back from your property equity.
What If I Don't Qualify For What I Had Hoped To Purchase?
The programs outlined here are only a few of the loan program options
we have to offer. Other options may obtain your desired results.
Will This Cost You Anything?
Only your time to complete our questionnaire. The prequalification
process is completely FREE.
What Is The Difference Between Prequalification And
Preapproval?
PREQUALIFICATION simply determines the maximum purchase price of a
house that the buyer is qualified to purchase, based on the income and
debt information he or she provides verbally to a mortgage professional.
This prequalifying information the mortgage professional provides is not a
commitment to lend the money! All the information provided by the buyer
must still be verified.
PREAPPROVAL is actually a commitment to lend the amount of money
specified, assuming the property chosen meets the lender's criteria. The
loan process is basically complete when an application has been taken,
including all required verifications, and usually without the property
information being known. A "Preapproval Letter" is issued by the lender.
Why Get Prequalified Or Preapproved?
PREQUALIFYING is a quick way to determine what price range of homes
the real estate agent and buyer should be reviewing. It saves the time and
frustration of finding something you can't afford!
PREAPPROVAL is a must in today's environment; most sellers require it
up-front. It improves the buyer's negotiating position and the length of
time it would take to close the deal. It gives you the "clout" of a cash buyer!
Why Get Prequalified If I'm Refinancing?
PREQUALIFYING will allow you some peace of mind knowing that your
refinance amount is achievable, especially if you're trying to get cash
back from your property equity.
What If I Don't Qualify For What I Had Hoped To Purchase?
The programs outlined here are only a few of the loan program options
we have to offer. Other options may obtain your desired results.