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What could be more comforting than the peace of mind that goes with knowing your mortgage is fully approved?
Know the difference between a Pre-Qualification letter and a Loan Commitment!
A Loan Commitment lets the seller and Realtors know they are working with a serious buyer giving you a greatly improved negotiating position. Sellers are more apt to negotiate with someone who already has a mortgage approval in hand.
Pre-Qualification Letter versus a Loan Commitment
Pre-Qualification is not a full mortgage approval, but an estimate of what you can afford. Remember that every loan is unique.
Loan Commitment is a true mortgage commitment. In most cases the commitment is a credit only approval and the commitment is void a property. Upon signing a purchase agreement an appraisal will be ordered to confirm the properties value against the purchase price.
Knowing your property value, current mortgage terms, interest rate and balance will be helpful information when speaking with one of our advisors. Without this information we will be unable to advise you on your refinance request. We can assist you at no cost in determining your property value if required. If your refinance transaction involves debt consolidation a list of your current balances will be required to properly consult you.
Important Note: Without knowing your credit scores it is not feasible to determine if you are eligible for a loan or what your interest rate may be. Do not allow anyone to pull your credit report until you are ready to apply. Multiple credit report pulls can lower your credit risk score! Your "credit risk score" is extremely important to your overall credit evaluation in the underwriting process for your mortgage loan.
**By giving us this information, you are giving us permission to contact you in response to this request, even if your information is in the State and/or National Do Not Call Registry.