Are You Pre-Qualified or Pre-Approved for a Mortgage Loan?
Before you begin to shop for a new home, you will want to set time to meet and talk with Korene so you can be determined how much you can afford and what loan program best suits your qualifications, your needs, your wants, and your financial goals. This will put you in the best position as a buyer.
Now is when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, we will collect information about your debt, income, and assets. We’ll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. Korene will then prepare you a pre-qualification letter (LSR or Loan Status Report) indicating the amount you are pre-qualified to borrow to be given to your realtor.
It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.
To get pre-approved, you will complete a mortgage application and provide Korene with various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. We’ll review your mortgage options and submit your application to the funding source that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home.
A pre-approval letter is not binding on the lender as 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 funding source must review your situation and recalculate your mortgage amount accordingly.
You can start the process today by filling out the Loan Application form that is linked to the tab at the top of this page or you can fill out a basic format and Korene or one of the team will be intouch with you in just a bit.
Why Should You Talk to a Mortgage Professional Before House Hunting?
Even if you have not so much as picked out houses to visit yet, it is important to see your mortgage professional first. Why? What can we do for you if you have not negotiated a price, and do not know how much you want to borrow? You can always use the calculators available on our site to get an idea of how much mortgage you can afford -- but it is important to meet with us. For one thing, you will need a a Loan Status Report (LSR) or Pre-Qualification Letter.
When we pre-qualify you:
We will talk to with you and find out what your goals, financial plans, and financial capabilities are.
We will ask you questions and fill out a complete loan application.
We will pull your credit reports and go over it with you to determine if there is any incorrect information on it.
We will help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It is short and to the point, and we keep the paperwork to a minimum!
We go over various loan programs with you.
Once you have been qualified, we give you and your realtor what is called a Loan Status Report (LSR), (your real estate agent might call it a Pre-Qualification Letter), which says that we are working with you to find the best loan to meet your needs and that were confident you will qualify for a loan for a certain amount.
When you find a house that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through.
More importantly, to a home seller, your being pre-qualified is like you walked into their house with a suitcase full of cash to make the deal! They will not have to wonder if theyre wasting their time because youll never qualify for a mortgage to finance the amount youre offering for the home. You have the clout of a buyer ready to make the deal right now!
"You Can Leave Me A Loan"®
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"KLCSLOANTEAM and Korene Clopine-Seaman are a mortgage team that invests itself with their client's and referral partners business. They are just not providing mortgage information, education and services, they have built relationships in our business and invested in providing services that helps us deliver our core mission to provide the services that meets our client's needs in line with our company culture and values"
W. J. Bradley Mortgage Capital LLC. is a direct mortgage lender with lending authorization for Conventional, HUD, FHA, VA, USDA, and Jumbo real estate loans lending with offices in various locations focusing on providing to the people in the communities we serve throughout the United States mostly in the Southwest. We are available to help borrowers achieve the dream of home ownership and assist them as they take advantage of today’s real estate investment opportunities and mortgage rates.
The KLCSLoanTeam and the support staff are highly trained in all of the various loan products currently available. We are well prepared to answer any questions you may have about buying a home or to assist you with analyzing your current home loan. Simply put, we are here to help you make informed right-fit mortgage decisions.
The customer experience is our number one priority. Communication is a very important part of our business model and our unique loan process, and our investment in technology reflects just that. We have mastered the ability to effectively communicate with all parties involved on each and every transaction keeping everyone up-to-date from the first phone call through funding. Our goal is to use all of our resources to make your transaction as smooth and efficient as possible.
With the experience, resources and exceptional service standards, you will see why we deliver…simply better home loans as we are working to serve our customers, clients, and referral partners. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states.
W J Bradley Mortgage Capital LLC NMLS# 3233 9237 East Via De Ventura, Suite 100 Scottsdale, AZ 85258 Direct Office Phone:(623) 340-0934 Fax: (623) 218-1807 AZ License # BK-0903998; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002; FHA Approved
*Korene L. Clopine-Seaman is working with and as the Team Manager of KLCSLoanTeam. She is licensed to originate mortgages in Arizona and California: AZ LO-0916745 CA: DOC-218520
