Get Pre-approved For A Loan -- Not Pre-qualified

Get Pre-approved For A Loan -- Not Pre-qualified

Before you begin to shop for a new home, you should set a time to meet with your loan officer in order to determine how much "home" you can afford. This knowledge will put you in a better position as a buyer. Additionally, this meeting will allow you to get pre-approved for your loan. Being pre-approved becomes crucial when you decide to make an offer on a house.

Many lenders will pre-qualify you for a loan. They will collect information about your debt, income, and assets. They’ll look at your credit profile and assess goals for a down payment and get an idea as to what loan programs would work for you. They will then issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.

At Flagship Financial we much prefer to get you pre-approved for your loan. Getting you pre-approved for a loan gives you a serious competitive advantage when the time comes to bid on a home because you have actually been approved for a loan for a specified amount. This trumps a pre-qualification letter, which is just an estimate of what you are eligible to borrow, not a commitment to lend.

To get you pre-approved, you will complete a mortgage application and provide us with various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. We’ll review your mortgage options and submit your application to the lender that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home.

It is important to note that a pre-approval letter is not binding on the lender; it is subject to an appraisal of the home and certain other conditions. If your financial situation should happen to change (e.g. you lose your job), interest rates rise, or a specified expiration date passes, your lender must re-review your situation and recalculate your mortgage accordingly.

We are required by law to list the following licensing information. Flagship Financial Group, LLC is licensed as: Alaska Mortgagee Licensee #100278; Arizona Banker 0908193; Department of Corporations under the California Residential Mortgage Lending act Lender 4130854; Florida Correspondent Lender CL 0703188; Georgia Mortgage Broker Licensee 17297 – 3130 W Maple Loop Dr, #200, Lehi, UT 84043 (GA); Illinois Residential Mortgage Licensee MB6760204; Registered under the Kansas Mortgage Business Act License Number of 2002-4309, Maine Mortgage Lender License# SLM9424; Maryland Mortgage Lender 16461, Mississippi Supervised Mortgage Company 308/2006; Nevada Mortgage Broker 1385 – 1349 Galleria Dr., #110, Henderson, NV 89014; New Hampshire Banking Department Mortgage Broker 13439-MBR; North Dakota Money Broker MB101563; Licensed by the Pennsylvania Department of Banking (PA); Utah Mortgage Loan Company 5493106; Licensed by the Virginia State Corporation Commission, License MC-2980. In certain states in which we do conduct business, certain restrictions and limitation apply. Rates and terms subject to change. If you have any questions or comments regarding this offer please email to lharris@ffgcorporate.com.

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