- Home Purchase Loan
- FHA Loans
- VA Loans
- Reverse Mortgage
- Fixed Rate Mortgage
- Adjustable Rate Mortgage
- Interest Only Mortgage
- Home Equity Loan
- Home Renovation Loan
- Apply for a Loan
- Loan Tool Kit
- Mortgage Calculators
- Financial Glossary
- Check Your Free Credit Scores
Get a Pre-Approval: Shop For and Buy a Home With Confidence
A pre-approval letter is a powerful tool in your search for a new home. It shows the sellers that you're serious. Many buyers find that they have increased negotiating clout if they are pre-approved before they conduct their home search. Plus, if you're pre-qualified, it's a snap to apply for full approval once you've found your dream home - or want to begin building one.
While a pre-qualification is an estimate of what you can afford based on the information you provided, a pre-approval indicates that a lender has taken a detailed look into your financial background and examined your credit. In addition, a pre-approval means the lender has committed to lending you a specific amount of money, pending certain property details.
The advantages of securing a pre-approval, rather than waiting to apply for a loan once you have found a home, include being able to shop for a home knowing exactly what you can afford and finding out about possible qualification problems early in the home buying process. You are also able to present a much more solid offer to sellers, because it includes a guarantee that you can afford the home.
To secure a pre-approval, contact Home123 and one of our Home123 Mortgage Consultants will work with you to gather and submit your financial information. We will then review your documentation and your credit report. Once you qualify, we will provide you with a written pre-approval for a loan up to a certain loan amount, down payment and interest rate, subject to the terms of the pre-approval letter. Once you have found a home and are ready to make an offer, your pre-approval letter from Home123 will assure the seller you are a qualified buyer, and will be able afford the home of your dreams.
How to Begin
To begin the process call 1-888-215-0080. A friendly and knowledgeable Mortgage Consultant will be there to answer all of your questions.
To apply for pre-approval, you'll need the following information:
We'll review your application, documentation and check your credit report. After we've determined that you're able to repay the loan, and subject to a full underwriting review, your Mortgage Consultant will send you a letter of pre-approval. At Home123, we make the home loan process easy.
Closing Your Loan
The closing (or settlement) is the actual transfer of ownership from the seller to the buyer. At the closing, you will sign the paperwork, pay the final closing costs and finally take ownership of your new home. Your Mortgage Consultant will work with you to schedule a closing date, which is indicated on your purchase agreement. Although the closing process varies by state, many activities are standard. Click here to learn about what closing costs you might expect and things to consider before closing. For the closing costs, you'll need to obtain a certified or cashier's check, as the title or escrow company does not usually accept personal checks.
What Happens at Closing
Closing costs and practices vary depending where you live, the type of property you're buying (house, condo or co-op) and individual circumstances. In some states, a neutral third party, usually an escrow company that is mutually chosen by the buyer and seller, transacts the entire closing process. In others, title companies customarily oversee the process. In the remainder, attorneys are engaged. Your Mortgage Consultant can tell you what to expect.
The closing, typically held at a title and trust company, is the final hurdle to calling the house your home. In many cases, all parties involved will attend, including you, the seller, the real estate agents, the lawyers, the lender and any other interested parties.
The steps below explain what usually happens during and after closing:
Key Closing Documents You'll Receive
HUD-1 Settlement Sheet
Deed of Trust or Mortgage (also known as the Security Instrument)
We want your mortgage process to be as stress-free as possible. By following this checklist, it will guide you in your preparations. Use it in combination with the background information on this site. Give us a call at 1-888-215-0080 with all your questions, and with the guidance your Mortgage Consultant provides, you should feel knowledgeable and comfortable.
Call 1-888-215-0080 to speak with an Expert Mortgage Consultant or start your application today using Apply Now