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The Pre-Approval Phase
Pre-approval is recommended as soon as you know you may be purchasing a property. Here's why... When we pre-approve you for financing, you will know how much of a monthly mortgage payment you qualify for, how much we can loan you, and what it is likely to cost. We do this by considering your income and debts, your employment and residence, your available funds for down payment and required reserves, and other applicable information. The entire Pre-Approval Process looks something like this: You:
Gather your personal information (click here for a helpful list)
Complete and submit a loan application (click here for options) We:
Analyze your loan application and credit report
Determine what programs you will likely qualify for
Obtain a pre-qualification with one or more of our investors
Prepare a Good Faith Estimate (GFE) of the total loan costs
Review the GFE with you and answer questions (in person or by phone)
Provide you and your real estate agent with a Pre-Approval Letter The last step is the Pre-Approval Letter which lets any seller know you are making a serious offer and that we, as your financing source, are confident you'll qualify to make the purchase. The amount in our letter can be adjusted to match what you are offering, or it can simply state that you are pre-approved to purchase a specific property.
It's important to go through the pre-approval process. Without it, you don't really know what you will be approved for and you won't have the power of being pre-approved when you make an offer. The best part is that we do not charge any upfront fees for residential loans, so our pre-approval has no obligation whatsoever! We will certainly do everything we can to earn your business, but applying does not obligate you to make any offers or get a loan. Pre-approval is simply the best way to prepare for purchasing a property.
We encourage you to get pre-approved today by completing our secure online application, downloading a PDF copy, or calling us at 512-646-0800 to complete your application over the phone (the easiest and quickest method). Click here for all of your application options. Phase 2 is Processing.
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