Know the difference.
Ever wonder what it means to be pre-qualified or pre-approved for a mortgage? Curious about what it takes to make that happen? It doesn't have to be as hard as you may think!
What does it mean? This is basically the beginning of a financial road map that you are helping to draw with your lender. You provide some basic information to them and then they give you an estimate of the amount of money that you will have to work with. This will also speed up the approval process once you find a home you want to buy.
In order to be pre-qualified for a loan you need to take a few simple steps:
- Select and meet with a lender! Mortgage Center is a great option if you are still in search of someone to guide you through the home buying process.
- Disclose information about your job, income and assets.
- Your credit will be checked. This will allow you to take a pre-qualification letter with you when shopping for a home.
This step is a little more involved because at this point most people have found the house that they are looking to purchase. This involves submitting a lot of paperwork and waiting for more specific information on the house.
Here are a few steps to take in order to get pre-approved:
- Submit an official mortgage application; be sure to find out from your lender if there is a fee.
- Supply official documentation to your lender. This includes a full credit history, assets, proof of income, and proof of employment (additional information may be needed).
- After submitting this information you may be approved, depending on the appraisal of the home that you are looking to purchase.
is Christian Financial's exclusive mortgage partner, and they can help you get pre-qualified and
pre-approved. Apply online
or call 800-353-4449
to speak with a representative today.