Once the application is submitted and verified, you will receive a Pre-Approval letter showing the maximum interest rate, purchase price and loan amount. It’s now time to go house hunting and work with a Realtor to find your dream home.
Submit mortgage documents to the loan office.
Find your dream home!
Did you know?
It’s always better to get “Pre-Approved” instead of “Pre-Qualified”. Pre-Approved means that the loan officer gathered your income and asset information as well as pulled your credit in order to run everything through an on-line approval system such as Fannie Mae’s DeskTop Underwriter or Freddie Mac’s Loan Prospector. A “Pre-Qualification” does not do these things but, instead, gives you a “best guess” as to whether or not you will be approved for a home loan. A Pre-Approval carries more weight with a Seller than a Pre-Qualification does.
Your loan officer can also submit your file to an underwriter in order to get a very solid Pre-Approval. This level of Pre-Approval helps to make sure there is nothing in your income, credit or financial history that would prevent you from getting a loan.