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Pre-qualification or Pre-approval?...
What is the difference? Find out here.
Pre-qualification starts with questions regarding
your income, monthly debt, employment and available cash down.
A credit report is done, generally from all three
major credit bureaus.
The loan officer reviews all of your information
and determines the best loan for you and the amount you may qualify for.
The loan officer may issue you a Pre-qualification
Certificate or letter.
In simple terms, a
pre-qualification is ONLY
the loan officer's OPINION of your ability to obtain a mortgage loan.
Pre-approval begins first with a
as described above.
A mortgage loan application and loan disclosure
documents are signed.
You furnish documents such as pay stubs, bank
statements, employment information and the last two years W-2s.
You actually apply for a loan even though you have
not yet found a property to purchase.
Your loan is processed and then sent to the
underwriters for approval. When approved, you are given a firm loan commitment from the
When you find your new home, an appraisal on the
property is done and you are READY TO CLOSE!!
And there is no cost to be pre-approved!
Have the same power of a cash buyer....