Getting Pre-Qualified

Pre-Qualification is an easy way to obtain the assurance and confidence that you will meet the credit requirements for a specific loan amount or product.  You may not be ready to for a formal application however, you may want to have a general idea of what you can purchase or need to take care of prior to applying for a mortgage.  A pre-qualification can be completed over the phone however, it does not guarantee loan approval.  A pre-qualification means you have spoken with a loan officer and your loan documentation is being submitted to be reviewed by a Mortgage Underwriter.  Starting the process gives you a general idea of your buying power.
 

Pre-Approval

A Mortgage pre-approval is your formal application for credit and you can obtain a written commitment (subject to verification of facts, check stub, W2s, savings statement, items needed applicable to your request).  Pre approval requires more information than getting pre-qualified however a pre approval is often more respected in the purchase transaction as the seller knows your information has been reviewed by a mortgage underwriter and written commitment or details are given.  By getting pre approved it discloses to the Real Estate Agents and Sellers that you are a serious buyer.  Consumers claim it improves their negotiating ability as they are “pre-approved”

Information needed for a pre-approval

• Social Security Numbers of all borrowers
• Drivers license
• Mothers Maiden Name
• Address of the property you are purchasing or refinancing
• Name and Address of your current employer. 
• Your Annual Gross Income- Last two years W2’s, check stub.
• Self employed, have bonus or commission income your last two years tax returns
• Last months bank statement all pages, last quarterly investment statement all pages.
• If you have an internet print out it must have your name or social security number on it
• Any information such as all debts, child support, alimony, divorce decree or bankruptcy papers & discharge.

Contact a CF Bancorp Mortgage Professional so you know your buying power today-  We are always a call or “click” away!

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