Successfully managing your mortgage begins with choosing the right lender.
Finding the right loan that fits your needs and your long-term goals of debt management requires a personalized service that many other lenders are not willing to provide. Rest assured, however, that dedicated and thoughtful service is precisely what you will get when you choose us as your mortgage professionals.
As we partner to find the right loan for you, it’s important that you understand the process. These are the most commonly asked questions about the initial stages of borrowing.
What’s pre-qualification and pre-approval?
Pre-qualification is where we would begin the search for your mortgage financing. It involves a quick overview of your finances including your income, existing debt, savings, the length of employment, and credit score. We use this information to determine your eligibility and to match you with the right loan based on your goals.
While pre-qualification will give you an initial idea of whether you qualify, the actual application process requires a more in-depth look at your finances. This application process is where your pre-approval begins.
Pre-approval is a document showing that you have a lender willing to finance you. This means that an underwriter has reviewed your loan application and, based on your income, debt ratio, and savings, the underwriter has approved a specific amount that you are eligible to borrow. With the pre-approval, you can now shop around for houses that fit into that loan amount.
One of the great benefits of getting pre-approval is that gives you the leverage to shop as a cash buyer! That’s right, with a pre-approval in hand, you now have the power to negotiate –the same as if you had the cash at hand.
Pre-approval offers, even those that are below asking price, are taken seriously. That’s because cash and pre-approved offers often have shorter closing times, making the seller more willing to take your offer.
What will my monthly payments be?
Your monthly payment depends largely on what loan program you choose. In an effort to be transparent, our firm provides clients with an easy-to-read spreadsheet. Seeing all the information in this way helps clients to easily compare loan programs options and see which meets their current needs and long-term goals.
When you choose us as your lender, you’ll feel confident in your choice of lending program. We provide you with all the information you need and answer any questions that come up along the way.
What does it cost to get pre-approved?
Pre-approval is free and fast! Call us today for a no-obligation consultation and be one step closer to your dream!