May 2nd, 2023 8:11 PM by Austin Howland
"How do I get approved for a home loan?"
"What paperwork do I need for a home loan preapproval?"
"What's the difference between a pre-qual and a preapproval?"
"Can I get preapproved for a home loan if I have bad credit?"
"Can I get preapproved for a home loan if I am under age 30?"
If you're a first time home buyer with questions on your mind, you've come to the right place.
First, go ahead and grab this complimentary guide we created: 7 Tips on Getting Preapproved for a Home Loan.
Above, we listed common questions that home buyers may have when it comes to the loan process. Read on for a complete guide from our team on preapproval, and you can even grab this complimentary booklet: How to Get Preapproved for a Home Loan.
Are you pre-qualified or pre-approved for a loan?
Before you begin to shop for a new home, you should set up a time to meet with our team at Contemporary Mortgage Services, Inc. so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan, and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, we will collect information about your debt, income, and assets. We’ll look at your credit profile and assess goals for a down payment and 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.
Fill out a free online loan application on our website, HERE.
Give us a call today to talk about your needs, and which home loan will be ideal for you: 407-834-3377.