Frequently Asked QuestionsWhat information will I need when I apply to buy a home?
The first step would be to contact a Loan Officer to be pre-qualified or pre-approved for a mortgage loan to purchase the home. Then contact your Realtor to make an offer to purchase, hopefully concluding with an accepted contract to purchase.Top
Generally pre-qualifications can be handled in just a few minutes. All it takes is a phone call to an experienced loan officer. You will need to provide information on your income, deposits, loan, and credit card payments.Top
You are responsible for performing the terms of the sales contract including:
Your Realtor and Loan Officer will assist you in handling these items, but it is important not to procrastinate!Top
Pre-approval and pre-qualification are similar but are different procedures. When a loan officer pre-qualifies you for a mortgage, they are using information provided by you, which is not verified. If you provide accurate information to your loan officer your pre-qualification should turn into a loan approval when you apply for the loan.
A pre-approval is a commitment to extend credit to you. After reviewing your credit history and verifying your employment and financial information, you are approved for a loan subject to selecting a home within the approved price range and an acceptable appraisal on the home.Top
The loan process from application to closing is usually completed in 2-4 weeks, depending upon:
|Top | Home
|Usage Agreement Privacy Statement Legal Notice