| How
much home can you afford? |
| One
of the most important questions people often face when purchasing
a home is "How much home can I afford?" The first
step in getting the money you need to buy your next home is
pre-qualifying for your mortgage loan. By
getting prequalified or pre-approved, you will better know
how much lenders may be willing to lend you. Having this information
can help narrow your home search to homes that you can afford.
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Prequalification
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Provides
you with a "ballpark" estimate of your borrowing
power. |
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This
estimate is based on summary information about your
income and assets. |
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Requires
satisfactory review of property, financial documents
and program requirements to issue final approval. |
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Pre-approval |
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Provides
proof to real estate agents and sellers that you're
approved for a specific loan amount. |
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This
estimate is based on a verification of your income,
credit and assets. |
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Requires
a satisfactory appraisal and title review and no change
in financial condition for final approval. |
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Helping
families
buy new homes
for more than
thirteen years.
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