 Tammy Zurfluh Mortgage Planner Vice President Office: (815) 986-7108 First Time Home Buyer? How much home can you afford? Need a Bridge Loan? Need a Construction Loan? What items will be needed for the Application? |
 Back to Frequently Asked Questions First Time Home Buyer? Before you begin to shop for a new home, you should set up a time to meet with me so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house. To get pre-approved for a loan, I will collect information about your debt, income, and assets. We’ll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. I will issue you a pre-approval letter indicating the amount you are pre-approved to borrow. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount. |
