Pre-Approval

One of the first questions a Real Estate professional will ask is, are you pre-qualified or pre-approved for a loan?

Before you begin to shop for a new home, you should set up a time to meet with one of the mortgage professionals at AzTex Mortgage so we can figure out how much you can afford. The next step is to be pre-approved.  Please complete the on-line application by clicking here.  This will begin the process.

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-qualification letter indicating the amount you are pre-qualified to borrow.

What does it mean to receive a pre-qualification letter?  It is just an estimate of what you are eligible to borrow, not a commitment to lend.

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.

To get pre-approved, requires you to complete a mortgage application and provide AzTex Mortgage with various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. AzTex Mortgage will 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.

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.