Are You Pre-Approved?

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 or talk with me so we can figure out how much Home you can afford. This will put you in a better position as a buyer. In today’s Real Estate Market, most Sellers and REALTORS are demanding that you provide a
Pre-Approval Letter prior to showing you any properties.

That’s when it is important to understand the distinction between being Pre-Qualified (informal) for a loan and Pre-Approved (more formal) 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-qualified 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.

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 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, you will complete a mortgage application and provide me with various information verifying your employment, assets and financial status such as W-2 forms/1099, bank records and a credit report. 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-approval letter indicating the amount your lender is willing to lend you for your home.

There is no cost or obligation!!!

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, purchase on credit, etc… ), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.
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For more information, please fill out and send the information request forms below. or call me at

Direct: 786-262-6486 or email RodKohly@gmail.com or 305-646-0402 ext 114