Get Pre-Qualified for a loan
While shopping for a home may be pleasant, serious buyers need to start the process with a mortgage broker or lender, not at an open house – and by obtaining a mortgage pre-approval. This process is basically an evaluation that determines whether the borrower qualifies for a loan and is important for several reasons.
First
In today's real estate market, most sellers expect buyers have one, and may only negotiate with people who have proof that they can obtain financing.
Second
Would-be homeowners learn the maximum amount they can borrow. They can also have an opportunity to discuss financing options and budgeting with the lender.
Finally
If there are any problems with their credit, they'll get a heads-up about it.
Pre-qualification Vs. Pre-approval
Although they sound alike, being pre-qualified for a loan is not the same thing as being pre-approved.
Pre-qualification is the initial step in the mortgage process, and it's generally fairly simple. To pre-qualify for a mortgage, you meet with a lender (though the procedure can also be done over the phone or on the internet), and provide information about your assets, income, and liabilities. Based on that information, the lender will estimate roughly how much money you can borrow. The entire process is informal. It can be useful as an estimate of how much you can afford to spend on a residence, but because it's a quick procedure – and based only on the information you provide to the lender – your pre-qualified amount is not a sure thing; it's just the amount for which you might expect to be approved for. For this reason, being a pre-qualified buyer doesn't carry the same weight as being a pre-approved buyer who has been more thoroughly investigated.
With a
Pre-approval, the lender checks your credit and verifies your financial and employment information and documentation; this not only confirms your ability to qualify for a mortgage but approves a specific loan amount (usually for a particular period, such as 90 days).
Get the upper hand on homebuying – Preapproval is key!
When it is time to buy, preapproval is key!
Preapproval lets the seller know you are serious about buying, giving you a competitive advantage during your home search. And your preapproval status lasts for 90 days, giving you the time, you need to make the right decision. (See note 1)
Not ready for preapproval?
Find out how much you can borrow
Get prequalified for a mortgage and get an idea of how much you can borrow – all with no commitment. (See note 2)
A secure, fast and hassle-free way to apply for your Mortgage Loan Online
Use your smart phone, tablet, laptop or PC
Here you can submit your home purchase or refinance mortgage loan application and supporting documents. Once we receive the required information, we will review and pre-qualify you and provide you with loan options that best fit your financial needs.
Features:
- Mobile friendly
- No application to download – just need to have internet access
- Easily step-by-step borrower loan interview process to complete your application
- Import your asset documents (bank statements) directly from your bank
- Upload other supporting documents such as: check stubs, W-2’s, etc.
- Take a picture of your ID or other documents to upload
Security:
- The transfer of information from you to our loan origination system is secured
- Zip and INK-it are HTTP Secure (HTTPS)
- Zip uses a Secure Sockets Layer (SSL) Certificate
1. Final loan approval is subject to satisfactory appraisal and title review and no change in borrower credit and financial condition. Preapproval is subject to terms and conditions and timely submission of required documentation. Preapproval does not commit to the continued availability of the loan program. The interest rate shown in a preapproval is based on our lender’s current pricing and is not locked. You may choose to lock an interest rate after we receive the complete and executed purchase agreement. Borrower must submit purchase agreement within 90 days of preapproval. If the rate at time of lock is higher, or a rate lock expires prior to funding, or for adjustable-rate loan programs when the index value rises, we must determine your ability to repay the loan at the higher rate, which may lower the loan amount or invalidate the preapproval. Not available on all loan products. Not available on refinance loans.
2. Prequalification is neither a pre-approval nor a commitment to lend; borrower must submit additional information for review and approval.
