Pre-Approved vs Pre-Qualified

PreApproved is substantially better than prequalified

What is it and Why is it Important?

Choosing the right mortgage is as important as choosing the perfect home. There are many varieties of loans and programs for us to choose from. As a Mortgage Broker, we have access to many lenders which allows us to get you the best deal and not just the lowest rate. You are unique and you deserve to be treated like one IN a million - not one OF a million.

Don't let Unicorn Mortgage Companies fool you with a speedy "Pre-Approval" advertisement. It's not possible to get preapproved "in just minutes."

After you answer some basic questions, they will give you a letter of prequalification. It is not the same as a preapproval letter!

Call us first. We will get you pre-Approved and show you how much house you can afford. And we’ll give you a letter to show home sellers you are ready and qualified to make a deal. You will be able to search with confidence!


Getting Ready for Pre-Approval

With your permission, we will run a credit report to determine your "worthiness" (a terrible word but a necessary function of the process)
This is simply the materiel stuff you own and all the money and money-like securities you have hidden away.
This is who you owe money to already. Relax, you're in America - everyone owes money to somebody!
Now we're ready to pick a plan - this is where it starts to get fun!

In order to verify your employment income, we’ll usually need:

• 1 month of paycheck stubs

• W-2 forms from the last two years, if you collect a paycheck

• 1099 forms from the last two years, if you are self-employed

• Federal tax returns (Form 1040) from the last two years

• A verification of employment (VOE)

Using these documents, we’ll be looking to see if your employment income has been stable and consistent over a 2-year period and likely to continue into the future.

As long as your current job is not considered a temporary position and doesn’t have a termination date, we’ll consider your employment to be permanent and ongoing.

Self-Employed borrowers take a bit more time and info but essentially we just need to convince the lenders that you intend to pay them back.

Ready to get started?