Pre-approval from Tripoint Mortgage Group puts you on the road to home ownership.

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

Before you begin your quest and start shopping for a new home, you should set up a time to meet with one of the loan professionals at Tripoint Mortgage Group, so we can help you decide out how much home you can afford. This will put you, as a buyer in a much better position when shopping for a home. This is where it is important to understand the distinction between being pre-qualified for a home loan and pre-approved for a home 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, our loan professionals will collect information about your income, and assets, as well as your debt. 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 then issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.

It is important to 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 competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.

To get pre-approved, you will complete a mortgage application and provide us with various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. 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 home purchase.

A pre-approval letter is not binding on the lender; and it is subject to an appraisal of the home you wish to purchase 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.

Questions? Give the loan professionals at Tripoint Mortgage Group a call today. We look forward to finding the perfect mortgage loan to fit your specific financial needs!