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What is a Pre-Approval?<br />
A pre-approval is the lender’s verification that they have verified your personal and financial<br />
information, as well as that you qualify for the terms of purchase being offered in contract.<br />
Benefits: Strategically positions your offer, advises you of your maximum price point,<br />
and gives you the freedom to discuss your options.<br />
What documents are needed for a pre-approval and why?<br />
Income documents: Paystubs, W2s, Personal Tax Returns<br />
Documents qualifying income for the loan<br />
Asset documents: Bank statements, retirement statements<br />
Documents ability for down payment, closing costs, and reserves<br />
Credit Report: A report from all three bureaus verifying history & obligations<br />
Shows other obligations and confirms credit score. Also lets us know of any issues that<br />
need to be resolved prior to purchase.<br />
How long does it take?<br />
Your pre-approval can only be completed once your complete documentation has been submitted.<br />
Upon receipt, your lender can take 48-72 hours for pre-approval.<br />
What does a pre-approval consist of?<br />
At On Q Financial, we want you to know not just what your loan payment is, but the entire obligations<br />
of the purchase. This includes:<br />
Down payment options and requirements<br />
Reserve requirements<br />
Closing cost estimates<br />
Loan structure options and requirements<br />
The goal is for you to know and understand the requirements, obligations, and benefits of<br />
your mortgage loan purchase.<br />
What should I do to be prepared?<br />
Ask questions! If you’ve heard of any programs, or just are curious, let us know. No question is<br />
unwelcome.<br />
Be open! Let us know what you are thinking, and be responsive to questions and ideas.<br />
Know your comfort zone! Just because you qualify for a certain amount may not mean<br />
that’s what you want to spend. Let us know any concerns you may have, and we will work<br />
within your needs.<br />
Your lender has a fiduciary responsibility to you as their client. It is not our job, but our duty, to keep<br />
your information confidential and act in your best interests.<br />
We are on your side—use us to your advantage!<br />
Austin Lampson, NMLS #517060 | On Q Financial | austin@austinlampson.com | 805.335.8200
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