How To Qualify/Mortgage Tips

How to Qualify

Today's homebuyers often have questions about which mortgage program is best for them. Mortgage Makers is a resource for all homebuyers. Experts in the home financing business, they can assist homebuyers with making the right financial decision.

Mortgage Makers offers a variety of mortgage products that are tailor-made for the homebuyer's needs. Our Loan Officers will meet with you and review the application package.

When looking for a home, it is a good idea to get prequalified and pre approved. This will help you determine how much you can afford.

What is the First Step?
Find out how much you can afford. Mortgage Makers can assist using two mechanisms; pre-approval or prequalification. Getting pre-approved requires that the lender verify your financial information, and it serves as a commitment to lend a specified amount based on that information. This gives you significant buying power with a seller who recognizes you will be approved for a loan. Pre-qualifcation give you a general price range that you may qualify for.

What is Pre-qualification?
Pre-qualification is an informal discussion between borrower and lender. The lender estimates the amount that you can borrow based solely on what you tell them about your income and assets. The lender does no verification and is not bound to make the loan when you're ready to buy.

How is Pre-approval Better?
To a seller, a lender's pre-approval letter is considerably stronger than a pre-qualification letter. Loan pre-approval is based on documented and verified information regarding your employment, your income, your liabilities, your assets and the cash you have available to close on a home purchase. If a seller knows your financing is secure, your offer is stronger. Pre-approval also gives you peace of mind as you shop for a home, knowing that you will qualify for the proper mortgage amount.

Find out what house payment you can afford with the Home Affordability Calculator.

Visit our mortgage site and apply for a loan today!