Obtaining Loan Pre-Approval

Before you begin to shop for a new home, you should set up a time to meet with me so I can figure out how much you can afford. Pre-approved buyers are in a stronger position when an offer is made on a house. The sellers and the listing agent want to know the offer is from a serious, qualified buyer.

To pre-qualify you for a loan, I will collect paperwork from you to verify your employment, income, and assets.  I’ll run your credit report and evaluate your monthly debt obligations. All of this information will allow me to recommend the best loan program for you. Once I have all of this information and a completed application I will issue you a letter indicating the amount you are pre-qualified to borrow.

If you are refinancing, the same process is followed, but, of course, no letter is needed.

A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your qualification will be reevaluated.

I will also give you a Good Faith Estimate, which is an estimate of the loan payments, including taxes and insurance, and an estimate of all closing costs that will be related to your loan. It is important that you know and understand these expenses so you will be prepared for them at closing time.