Are you pre-qualified or pre-approved for a loan?


Before you begin to shop for a new home loan, you should give us a call or at least fill out the form below so we can work together to meet your financial goals.  This will help with your understanding of the home loan process and the parameters it follows. It's important to understand the distinction between being pre-qualified and pre-approved for a loan. The difference between the two terms can be crucial when it comes to buying a home.

   To get pre-qualified for a loan, we will ask you information about your debt, income, and assets. We’ll look at your credit profile and assess goals for a down payment (if buying a home) to get an idea of different loan programs that would work for you. We will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow. Understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend.
   Getting pre-approved for a loan gives you a competitive advantage when the time comes to bid on a home because you have been approved by a lender. To get pre-approved, you will complete a mortgage application and provide us with various documents verifying your employment, assets and financial status such as paystubs, W-2 forms, and bank records. We’ll review your mortgage options and submit your application to the lender that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your new home. A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.

Pre-Qualification or Pre-Approval? Either way puts you ahead of any offers without them. Get started today by calling (303) 650-9400 or click on the "Apply Now" button above! Your privacy is safe. We don't share your information with others without your permission so you will only hear back from us.