Get Pre-Approved for Your Mortgage

Do you need a pre-approval letter for a home purchase, or do you just want to know how much of a mortgage loan you qualify for?

While the terms Pre-Approval and Pre-Qualify are often used inter-changeably, there is a difference between them:

Pre-Qualification

To pre-qualify for a loan, a loan officer runs some quick and simple calculations to see how much of a mortgage you may be able to get. You can also run these calculations on your own using our free mortgage calculators, and you’ll have a good idea how much home you can afford.

Keep in mind that a pre-qualification is not an approval, so you will still need to go through the loan application and approval process when you are ready to take out a loan.

Pre-Approval

A Pre-Approval is a step closer to an approved mortgage. In order to become Pre-Approved, a Mortgage Specialist will run your credit report and ask for detailed information about your income, assets and expenses. Your Mortgage Specialist will be able to tell you how much home financing you are approved to receive. This approval is contingent upon the value of the property you select, based on an official appraisal, and the amount of your down payment.

Because a pre-approval is a more thorough process, a pre-approval letter from your lender can be an advantage if you are shopping for a new home. Showing a seller that you have financing in place gives them confidence that you are a serious buyer with the financial resources to complete the home purchase.

If you would like a pre-approval letter from CenturyPoint Mortgage, please complete the Pre-Approval Request Form below and a Mortgage Specialist will contact you to review your pre-approval request. Or if you prefer, just give us a call toll free at 877-998-9900.

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