At Liberty Lending Consultants, we cannot stress the importance of meeting with one of our mortgage professionals before you begin to shop for a new home. Once you know how much you can afford to buy, you’ll be in a better position as a buyer.
Before you decide to make on offer on a dream home, it’s important to understand the difference between being pre-qualified and pre-approved for a home loan.
To get pre-qualified for a home 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 which loan program works best for you. We can then issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.
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 a much needed competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.
Now in order for you to get pre-approved, you will need to complete a home mortgage application and provide us 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 lender 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. It’s that simple.
Of course the pre-approval letter is subject to an appraisal of the home you wish to purchase and certain other conditions. And if your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly – which of course we handle for you. We always keep you up-to-date from start to finish with your home loan!
Fill out our form or give us a call (314) 336-9111 today.Contact