Most sellers require a mortgage prequalification letter to insure that an offer has backing by a mortgage company or verify funds for an all cash purchase, before they will even consider it. Knowing that the mortgage process takes a little time, let's get you started before the perfect house has come and gone. If you need to sell your house while purchasing at the same time, please give us a call to review your crossover purchase options.
 

It's not just what you pay for the house.  It's what you pay for the money on the house!

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Pre-Qualification, Pre-Approval  or Bank Commitments?
The following are the progressive filing status of a mortgage. The closer you are along in your process, the more negotiating power you will have when purchasing a property. (So before you go out looking at properties, you might want to start talking with a mortgage company.)

The Pre-Qualification is an informal process in which a mortgage company will offer an opinion on how much money a homebuyer may be able to borrow for their mortgage, based entirely on verbal financial information provided by the client and obtaining and evaluating the client's credit report. It is not binding since it is not a commitment letter from a lender.

The Pre-Approval  A commitment on behalf of the lender that a loan can be made for a certain amount of money pending property approval by a lender. The Pre-approval is based on some formal credit & income  investigation of the borrower.

The Bank Commitment is a formal offer by a lender, which states the terms under which it agrees to lend money to a homebuyer. This will indicate the conditions (stipulations) that must be met prior to funding the loan. It is quite accurate as well as binding, and subject to appraisal and contract of sale. (The bank can withdraw the commitment if there is an adverse change to the borrower's income, credit or assets.) Only the bank commitment shows the total mortgage amount that will be available to the client. This process requires that all necessary documentation is completed, submitted and verified.




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