Once the online Loan Application has been submitted you then need to provide your Pre-Approval Documents to get pre-approved. You are welcome to Email, fax, mail, or Upload these documents. Getting pre-approved for a mortgage home loan conveys your financial strength and commitment to the seller.
Difference Between Pre-Qualified vs. Pre-Approved?
Paperwork. A mortgage pre-qualification is based on information provided by the borrower; a mortgage pre-approval is based on verified information. Being pre-approved means that the information on the mortgage loan application (such as income, assets, etc.) has been verified with documentation (such as pay stubs, tax returns, bank statements, etc.).
How Long Does It Take?
24 to 48 Hours. The time it takes to get pre-approved for a mortgage home loan depends on you and how long it takes for you to provide the necessary documentation. Once we have received your documentation we can have you pre-approved within 24-48 business hours.
I’m Pre-Qualified; Do I Really Need To Get Pre-Approved?
Yes. It’s necessary for you to get pre-approved for a mortgage home loan; especially in Dallas’s hot real estate market. Realtors often mandate a pre-approval letter from a buyer before they’ll submit an offer on a home. Likewise, a Seller may not even consider an offer if it’s not accompanied by a pre-approval letter.
Does This Mean I’m Approved and Done With Paperwork?
No. A pre-approval means that based on information we have you are credit approved BUT we haven’t done anything regarding the collateral (i.e. the home) since you don’t have a contract. Once a contract is executed we will need to update the documents you provided and we will require additional paperwork to be provided.