It is no secret that applying for a mortgage loan can be overwhelming. Whether you are worried about your credit score not being high enough or about interest rates, our mortgage lenders at First Fidelis have your back. Being an Overland Park, Kansas-local mortgage company, we have the best interest in mind for the people in our community.
What Is the Difference Between Pre-Approval and Pre-Qualification?
While similar, pre-qualification and pre-approval are not the same concepts. To prequalify for a loan, all you must do is give an overview of your financial situation; your income, debts, mortgages, and more.
To get pre-approved for a mortgage loan, our loan officers will do a deep dive into your financial history by reviewing your credit score, past loans, and debts. You will have to submit your Social Security Number, as well. This will allow us to assess if we think you will be able to pay us back in the future.
When To Seek Pre-Approval For A Mortgage
If you are thinking about moving but are worried about the outcome of your loan because of any financial hardships, you may want to consider applying for pre-approval a few months in advance. If any issues arise, you will have given yourself some time to find solutions to the problems. Our mortgage lenders can walk you through the process and give you advice on how to approach the problems in front of you.
How Long Does The Pre-Approval Process Take?
Once you think you are ready to move forward with a purchase, you’ll want to start the pre-approval application process. Depending on your circumstances, the wait time for pre-approval can take either a few hours or a few days. If accepted, the pre-approval letter will be valid for 60 to 90 days in Kansas and Missouri.
What Does the Pre-Approval Process Look Like?
While getting pre-approved for a home loan can take some time, it’s important to know what to expect during each step of the process. Since the type of mortgage and its terms can affect what this process looks like, you’ll want to know what to expect.
Determine Your Monthly Payment
Take a good look at how much you will be able to pay and the time period until the payments are complete. Once you have figured that out, you can begin to look at properties that you are hoping to purchase and that will be within your budget.
Make Sure You Have Applicable Financial Documents Ready To Go
In order to fully assess your financial situation, you may need to provide any or all of the following documents:
- Bank statements
- W-2 statements
- Pay stubs and proof of deposits
- Federal tax returns
- Student loan statements
These might not be requested, but it is appreciated to have them handy in case we need more information from you.
To make the job easier for our mortgage lenders, we may ask for as much information as possible. This can include your education level, marital status, number of dependents, employment history, and more.
Turn To A Local Mortgage Company Today
As a local mortgage company in Overland Park, Kansas, First Fidelis is here to help you and your family be set up for success. By talking to our mortgage lenders, we will seek the best possible mortgage payments for you. Contact us today or fill out our pre-approval application to get started.