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 us, 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 loan and pre-approved 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.

Get Pre-approved:

1.       Click on Apply Online to complete a mortgage application and we will be notified.

2.       Provide me with various information verifying your employment

a.       2 most recent paystubs

b.       Last 2 years W2’s

c.       Last 2 years Federal tax returns

d.       Self-employed last 2 years Federal tax returns 1120’s, 1065’s, K1’s 

3.       Assets and financial status

a.       2 most recent bank statements

b.       Most recent quarterly retirement statement

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. When submitting your offer to a seller, a pre-approval letter will give you a competitive advantage. It will show the seller that you are approved and now the home has to get approved.

**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 pass, your lender must review your situation and recalculate your mortgage amount accordingly.

Stepping Stone Mortgage

NMLS-235749 ML-3770

1140 Willagillespie Rd., Suite 13
Eugene, OR 97401