Pre-Qualification Program: Know Before You Borrow
Get a jump-start on your mortgage loan process and real estate search by learning more about Reliance Bank’s mortgage pre-qualification program. Pre-qualification helps borrowers lessen some of the anxiety and know what to expect when getting a purchase money mortgage. Find out whether you have the necessary qualifications to get a mortgage loan approved with Reliance Bank. Pre-qualification lets you know before you borrow, and before you enter into an agreement with a seller.
Pre-Qualification for a Mortgage at Reliance Bank Features:
- Pre-qualification letter provided for Realtors, Sellers, etc.
- Fast response
Pre-Qualification is a Good First Step
Pre-qualification can be especially comforting to first-time homebuyers. Pre-qualification is the first step you can take, but it is not mandatory. In many instances, this step can be accomplished by phone or online. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify.
This service takes just a few minutes of time by phone or Internet, and there is no cost involved. The initial pre-qualification step allows you to discuss any goals or needs you may have regarding your mortgage with your lender. At this point, a lender can explain your various mortgage options and recommend the type that might be best suited to your situation.
Be Confident and Be Prepared with Pre-Qualification
The Pre-Qualification Program at Reliance Bank offers potential purchase money mortgage borrowers a realistic look at their financial readiness in order to obtain the home of their dreams. Finding a great home is only half the process. Qualifying for the proper loan to fit your specific financial needs is equally important.
Loan shopping is as intricate a process as house shopping. Terminology used in the real estate and banking industries is often confusing. The terms “pre-qualification” and “pre-approval” sound like the same thing, but they are not:
- Pre-approval is a written, conditional commitment that involves underwriting the creditworthiness of a borrower.
- Pre-qualification is a written statement that a borrower qualifies for a loan of a certain amount, based on verbal information provided by the borrower; underwriting is not involved.
With Reliance Bank’s pre-qualification program, potential homebuyers may shop for a home with added confidence they are qualified to get financing before they enter into a sales contract.