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1. A pre-qualification
is nothing more than a mortgage loan officer's estimate of what kind of loan you should look for and how much you would qualify for in that program.
The loan officer's only information is the information the potential buyer has given him regarding their financial situation and future plans.
No research has been conducted.
NOT RECOMMENDED!
2. A pre-approval
is given to applicants who have submitted a full application and have been given credit approval for the requested loan amount.
RECOMMENDED!
By obtaining a pre-approval
, you are ensuring your negotiating power.
3. Just because you are pre-approved, does not mean that you are DONE!
Pre-approval
means that you've made a loan application and submitted financial information. It also means that your loan officer has submitted your loan for underwriting review. Although your loan is pre-approved, your work with your loan officer is just beginning.
If you are pre-approved for underwriting, that means that your conventional loan is eligible for purchase by an investor. Such loan approvals are always subject to theConditions of Approval.
Your loan officer must obtain all the information required by the underwriter, your loan officer must also be able to provide any additional documentation required by the underwriting system, including an acceptable purchase agreement and an appraisal before issuing a full approval.
4. Full approval means that all of the items provided to the loan officer (including the appraisal) have undergone a documentation review to assure that they meet the Conditions of Approval
.
Please make sure when your loan officer calls you asking for something, make sure to get it to him ASAP!
To begin the loan application process on line, take a look at
Mortgage.com .
Or if you prefer, you can e-mail or call Sharron and Steve at, 706-897-8845. We will be happy to assist you in this process so that you are able to make the real estate purchase possible for you with the least amount of hassle and stress.
RECOMMENDED!
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