apply before you buy
TRANSCRIPT
Pre-QualificationThe fi rst step in securing a mortgage – pre-qualifi cation estimates how much money you can borrow based on the income & debt information you provide to a Loan Offi cer. Your credit report will be ordered to obtain up-to-date FICO scores & credit history. This quick snapshot allows the Loan Offi cer to determine if you’re a good candidate for a mortgage. It may also help the Loan Offi cer provide steps needed for you to qualify for a mortgage. It does not, however, guarantee that a lender will approve your application.
Pre-ApprovalOnce pre-approved for a mortgage, enjoy shopping for a home and to be taken seriously by sellers with your proof of purchasing power. You will complete a 1003 Loan Application and submit appropriate documentation for review by the Loan Offi cer (and possibly an Underwriter). A written commitment is then issued by the lender after a comprehensive analysis of your creditworthiness with a dollar amount you qualify for (along with any conditions and additional documentation needed to secure the mortgage). Your Loan Offi cer will detail the loan options that best suit your needs.
Full Loan ApprovalThe fi nal step in securing a mortgage is full loan approval. Once you decide on a property to purchase, provide a copy of the completed Real Estate Purchase Contract to your Loan Offi cer – so that an Appraisal and Title Search can be ordered. Next, a loan processor will verify the documentation. An underwriter will then review the reports for completeness and confi rm the property appraises for the sale price. Any conditions & additional requirements will be conveyed to you through your Loan Offi cer. A second credit report may be necessary to confi rm that nothing has changed since you fi rst applied for the mortgage. Once completed, a fi nal approval will be issued allowing you to close on the loan. Then get ready to move – you’re a homeowner!
APPLY BEFORE YOU BUYPre-Quali� cation, Pre-Approval, and Full-Loan Approval
Scott SchultheisSenior Loan OfficerLO NMLS #819270 AZ License #0918967
PHONE: 480.767.7886CELL: 480.420.9239FAX: 877.820.8957
[email protected]/scottschultheis
With Academy – loans close quickly.
15333 N. Pima RoadSuite #205
Scottsdale, AZ 85260
Company License # 0904081 Company NMLS ID # 3113LENDEREQUAL HOUSING