Are you pre-qualified for a loan? Before you begin to shop for a new home, you should set up a time to meet with a professional American Dream Residential loan officer so we can figure out how much you can afford. This will put you in a better position as a buyer. When you are prequalified for a mortgage it simply means that as things stand right now, you will likely receive financing. In 2012 lenders went out of business, due to the economic collapse, and despite "closing the loan" billions of dollars of loans were not funded. I like to tell people that you aren't truly approved until you get the money. In fact, in the State of Virginia (where we are licensed and do business), we are required by law to simultaneously send you a letter that states, "Your prequalification letter (etc.) isn't worth the paper it's written on". 

To get pre-qualified for a loan, we 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. We will issue you a pre-qualification letter. We don't recommend, and rarely put into the prequal letter a dollar figure. Newbies do that. Why let your seller know you are qualified to purchase a $750,000 home when you only want a $400,000 home? We'll provide professional, seasoned advice all along the way.

It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-qualified for a loan gives you a competitive advantage when the time comes to bid on a home because you have been qualified for a loan for a specified amount. 

To get pre-qualified, you will complete a mortgage application and provide ADRMortgage 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-qual letter indicating the amount you may borrow for your home.

A pre-qualification letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, underwriters will and can change decisions at anytime before closing. We had one customer that stopped paying their mortgage, credit cards, and auto when they were moving here. Bad decision. Lenders pull your credit score before you close.
 

Also, you'll want to avoid that new yacht. We know it's tempting to be like Tiger and go for the "green" - but please avoid purchasing yachts, expensive toys, or a new vehicle during the mortgage process. Unless of course, you want to pay more.

We always compete on price and speed. Most banks no longer provide a Good Faith Estimate. They give you a Good Faith Worksheet or some other name that sounds like a GFE. Please get a Loan Estimate (that's the new GFE) before you call us, so we can show you what we can do.

Trust, Honesty, Respect, Speed, Commitment, and a long term relationship. That's what you can expect from ADR. 919-771-3379.