Mortgage and Lending with 1st Colonial Community Bank NMLS #149277
Pre-qualification vs. Pre-approval
Identify your property price range, and strengthen your bargaining power by understanding the difference between these two buyer tools.
How do I know what price range to look in, and how do I make sure my offer is accepted?
These are two of the most commonly asked questions from first-time and experienced homebuyers alike. One of the best places to start is by getting pre-approved by a lender upfront in the process. Not only does it give you peace of mind knowing your price range is already pre-approved by the lender, but strengthens your position at the negotiating table, especially in a multiple offer situation.
Some lenders offer pre-qualifications and pre-approvals. Here`s the difference:
Pre-Qualification
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Provides a ballpark estimate of your buying power.
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Is
based on summary information you provide on your income and
assets.
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Requires a satisfactory review of property, financial documents
and program requirements to issue final approval.
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Is
offered by most lenders.
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Pre-Approval
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Provides proof to real estate agents and sellers you`re pre-approved for a specific loan amount.
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Is based on verification of your income, credit and assets.
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Requires a satisfactory appraisal and title review.
No change in financial condition for final approval.
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Is offered by us as a service to you
at no cost before you find a home.
Aurora Financial Group, South Jersey's largest independent mortgage banker. More than 20,000 area consumers have received over $2.1 billion from Aurora over the past two decades. We offer a wide variety of mortgage products, including specialized programs targeted for first-time homebuyers and retirees/seniors.
Since it's founding, Aurora has been at the forefront of innovative and addordable residential financing. Some of Aurora's notable achievements are:
•Largest originator in southern NJ of government backed loans (FHA, VA, RHS), 1986 to present
•Largest participant in NJ Housing & Mortgage Finance Agency (NJHMFA) programs, 1990 to present
•Largest originator or Rural Housing Service guaranteed rural housing loans, 1992 to present
•A leading providor of renovation and rehab loans using Fannie Mae's "Home-Style", FHA 203k, and NJHMFA's mixed use "upstairs-downstown" and home remodeling "HomePlus" programs
•Seller-Servicer for Fannie Mae, NJHMFA, and numerous banks, pensions funds, and private investors.
"Aurora Financial Group Inc. (NMLS # 7096) is a licensed Mortgage Banker - States of NJ & PA Departments of Banking."
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