Being pre approved - Interlinc Mortgage - FHA pre approval, Conventional mortgage pre approval, pre approval for a mortgage

Are you pre-qualified or pre-approved for a purchase loan?
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 home loan and pre-approved for a home loan. The difference between the two terms will be crucial when you decide to make an offer on a house.

To get pre-qualified for a home loan, lenders will collect information about your debt, income, and assets. They will 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. They will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow based upon unverified information.

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-approved for a home loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a home loan for a specified amount.

To get pre-approved, you will complete a mortgage application and provide the lender with various documents verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. The lender will review your mortgage options and submit your application to the underwriter for review. Once the application and underwriting process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home.

A pre-approval 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, your lender must review your situation and recalculate your mortgage amount accordingly.

I offer a free pre-approval with complete verification of your documentation. This gives you peace of mind knowing that you will have no surprises at the end of your purchase. I will provide you with a step by step process chart and keep in informed at every step with our "In Process" status updates.

Interlinc Mortgage Services, LLC #205696 – Texas Department of Savings and Mortgage Lending Complaint and Recovery Fund Notice

Interlinc Mortgage Services, LLC. is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Department of Savings and Mortgage Lending. Complaints regarding mortgage bankers should be sent to the Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be downloaded and printed from the department's website located at http://www.sml.texas.gov or obtained from the department upon request by mail at the address above, or by telephone at its toll-free consumer hotline at 1-877-276-5555, by fax at 1-512-475-1360, or by e-mail at smlinfo@sml.texags.gov

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF MORTGAGE BANKERS . A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV