An Indianapolis, Indiana Mortgage & Home Loan Finance Company
Toll-Free: 866-844-2250
Phone: 317-844-2250
Phone: 317-844-2250
Pre-Qualify/Pre-Approval
A Pre-Qualification determines your "purchase power" and helps broadly define the price range of homes your should be considering. A pre-qualification is not a commitment to lend. We recommend you obtain a full pre-approval which is a step above pre-qualification and is a commitment to lend.PRE-APPROVE!
Obtaining "Pre-Approval" status provides a distinct advantage for the homebuyer. We will help you select a mortgage that meets your needs and estimate a loan amount that fits your financial situation. A review of your credit report, employment history and assets will be conducted. In fact, we’ll do everything needed to approve your mortgage in advance of locating a property! Once you find a home, generally all that is needed to close is a satisfactory appraisal, insurance policy and title commitment. We can obtain your information directly over the phone and pre-approve most clients within an hour through our automated systems!
A Pre-Approval provides the following benefits ...
- DEFINED PURCHASE POWER
You know the exact price range you can comfortably afford! Since you know what your purchasing power is, you won’t choose a home that is far below what you really can afford or worse yet, far above what you will qualify for when you apply. Save yourself the heartache of finding a home you love only to find that is it slightly out of your price range. - GREATER FLEXIBILITY AND LEVERAGE WITH THE SELLER
You will have more negotiating power because the seller and Realtor®s know you qualify for a loan! A seller’s greatest fear is that they will accept a Purchase Contract from a buyer, who is then turned down for a mortgage 3-4 weeks after the offer is accepted. The seller has made plans to move and has already taken their house off the market. If a seller knows in advance that a potential buyer is already approved for a mortgage, studies have shown that they have a greater willingness to negotiate because you have eliminated their greatest fear. - INCREASED CONFIDENCE
You reduce the level of anxiety usually associated with the home-buying process! - LESS TIME AND HASSLE
You can close faster – most of the application process is already complete!
- Have limited funds
- Need help from family for down payment
- Need co-borrower
- As little as $0 down
- Allows gift funds for down payment
- Allows slightly higher debt/income ratios
- Credit scoring is less critical
- Amount of loan is limited
- Are honorably discharged Veterans
- Active duty reservists
- Prefer no money invested
- 100% financing for Veterans
- More relaxed debt/income ratios allowed
- Rates and terms are liberal
- Rates are fixed for 15 or 30 years
- Amount of loan is limited
- Have high credit scores
- Covers a wide range of needs from Investment to Jumbo loans
- Requires down payment of between 0% and 20%-25% of selling price
- Stricter credit standards
- Unlimited loan amounts
- Have had credit problems in the past
- Wide range of products including Fixed Rates and ARM’s
- Less strict credit standard
- Plan to live in home more than 10 years
- Like payment stability
- Interest rate and monthly payment remain the same for 30 years
- Want to pay off mortgage in shorter period of time
- Able to pay about 20% more against principal than 30-year fixed plan
- Interest rate and monthly payment remain the same for 15 years
- Best for fast reduction of loan
- Plan to live in home less than 10 years
- Want to take advantage of lowest interest rate possible
- Are willing to accept payment changes
- Lower initial interest rate
- Interest rate is adjusted periodically
- Payment is subject to change
- Various loan programs
