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Qualifying
for a mortgage loan is not a simple process. There are many factors
to consider. We believe that a personal touch to the
pre-qualification process is not only important, but a requirement.
There are many choices. Conventional, Government, Adjustable, and
Balloon Mortgages. Work with your loan officer to find the right
program that is best for you and your situation.
How
much house can you afford? The answer to this question is based upon
several factors. First your own personal "financial comfort
level" and secondly, your financial condition. You may qualify
for a loan amount that is greater than your comfort level. Stay
within your comfort zone.
What
is a pre-qualification? A pre-qualification is an estimate of how
much you can qualify for a mortgage payment. A pre-qualification is
just that, an estimate. It is based upon the information you provide,
and is subject to the approval process, including further details
such as a credit report, appraisal, and income verification.
What
is a pre-approval? A pre-approval is different. It is a firmer
commitment on behalf of the lender. The credit report is already
done, and the terms are subject to the appraisal of the house you
intend to purchase. A "pre-approval"
gives the home buyer an advantage in the market place. It is easier
to negotiate with a home seller, and closing the transaction usually
takes a shorter period of time. Pre-approval also makes the home
buying process less stressful knowing that you're already approved.
The
following form will be sent directly to Sharon Savings Bank for
pre-qualification. A loan officer will respond by a phone call or
letter. All information is held in strict confidence.
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