We suggest you take the extra time to get pre-approved for your loan, not just pre-qualified. A pre-approval will allow the loan to close quickly upon finding a property. The hard work has already been done.

Pre-Qualification

Information is provided by the borrower.

Employment history, rental history & all asset information is provided by the borrower.

Debt to income ratios are calculated based upon borrower information.

Normally a credit report is not ordered. If it is ordered the pre-qualification is based upon our opinion only after reviewing the information provided by the borrower and review of the credit report.

A pre-qualification is based upon a loan officer's opinion after reviewing information provided to the borrower. No information has been verified.

Pre-qualifications can be processed over the phone in minutes.

Pre-Approval

Borrower must provide documentation.

All employment history, rental history and assets are verified by a third party.

Debt to income ratios are calculated based upon verified information.

Full credit report is ordered (price ranges from $25-65). All information is verified and the credit report is modified, if necessary.

A pre-approval has been determined by an underwriter. Or if the loan is a conventional loan, the loan has been submitted through our automated underwriting system (via computer).

Pre-approvals can take up to 7-10 days to fully verify all the information.