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Pre-approval vs. Pre-qualification
Pre-Qualification
An early estimate of what you may be able to borrow based on the financial information you provide.
A useful starting point when exploring your options.
Pre-Approval
A more detailed review of your finances and supporting documents to help determine your borrowing eligibility.
A verified pre-approval can help strengthen your offer when you're ready to buy.
What to Have Ready.
Having a few documents organized ahead of time can help make the pre-approval process smoother.
YOUR BUYER CHECKLIST
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Two years of work history
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Recent pay stubs and W-2s
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Recent bank statements
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Documentation showing where your down payment is coming from
If applicable, you may also need:
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Gift letters
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Records of 401(k) transfers
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Documentation from the sale of a titled item
Your down payment needs a clear, verifiable paper trail. Funds that cannot be properly documented may not be eligible for use.
Not sure what applies to you? Our team can walk you through it.
WHAT HAPPENS AFTER YOU'RE UNDER CONTRACT?
From Contract to Closing.
Once your offer is accepted, here's what happens next.
1
Appraisal
An independent appraisal helps establish the home's value for lending purposes.
2
Underwriting
Our team reviews your financial documents, credit, and appraisal to confirm everything meets loan requirements.
3
Clear to Close
Once all lending conditions are satisfied, you'll receive confirmation that your loan is ready for closing.
4
Closing Day
You'll review and sign your final documents and complete the remaining steps toward getting the keys to your new home.
Understanding The Appraisal
An important step in protecting your investment.
An appraisal is an independent assessment of a home's value. For lending purposes, we use the lower of the purchase contract price or appraised value.
This helps protect you from overpaying and gives you a clearer picture of the home's value before moving forward.
Resources for Your Homebuying Journey
Mortgage Application Checklist
Get organized with a checklist of documents and information you may need when applying for a mortgage.
The Mortgage Process
See the step-by-step process, from pre-qualification to closing, so you know what to expect.
Homebuyer Guide
QUICK ANSWERS
A Few Things You Might Be Wondering.
Do I need to find a home before getting pre-approved?
No. Getting pre-approved before you start shopping can help you understand your budget and prepare to make an offer when you find the right home.
How long does pre-approval take?
Pre-approval typically takes 1 business day once we've received all the required documents and information.
What if the appraisal comes in lower than the purchase price?
There may be several options to explore, including discussing the price with the seller or reviewing your financing. Your loan officer can help you understand the next steps.
Can I use gifted funds for my down payment?
Some loan programs allow eligible gift funds. You'll need to provide the appropriate documentation, including a gift letter and supporting records when required.
What should I have ready?
Your recent pay stubs, W-2s, bank statements, work history, and documentation for your down payment are a good starting point.