Attorney Kate Cavanaugh-Forte
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Get Pre-Qualified. It’s Easy


Buying a Home? Get Pre-Qualified first

Once you start looking for a home you will hear different terms from realtors and lenders involving your mortgage. Pre-qualified, pre-approved, written commitment. These are all distinct stages of the mortgage process. Which should you concern yourself with, what is the difference? I’ve explained each term below. You should always get pre-qualified from more than one lender and keep in mind that lenders regard different earnings in different ways.



  • Easy, Initial step in the mortgage process
  • You give lender your debt, income and assets
  • Can be done over the phone or on the internet
  • Usually no fee involved
  • Does not look at or take into account your credit report 
  • Not a guarantee approval for a loan just the amount you can expect to get if all your information is accurate and your credit is good


Much more involved – need to fill out a mortgage application

  • Usually involves an up-front application fee
  • You get a specific mortgage amount for which you are approved
  • Does not require a purchase contract-you can do this step before you shop for your home
  • When you make an offer, it won’t be contingent on obtaining financing, which can save you time
  • Documentation required
  • Social security number and verification
  • Proof of employment for last 2 years  
  • Proof of income
  • Tax documents.  W-2 statements and tax returns for the last two years
  • Bank account information- account statements and balances for any checking, savings, or money market accounts.
  • Credit information-lender will pull your credit report
  • Monthly expenses. Some mortgage companies will ask for an itemized list of your monthly payments. This list might include your rent, credit cards, student loans

Getting a Commitment

Called a loan commitment it is issued by a bank when it has approved you and the specific property you are purchasing. The commitment requires the property to appraise above the loan pre-approval amount. Your income and employment are usually re-verified. A followup credit check is done again to ensure nothing has changed since your initial approval.

About the Author Kate Forte

Kate's a practicing Attorney for over 20 years. She is a pet rescuer and a strong supporter of pets Rights. Kate expertise is Real Estate, Probate, Estate Planning, Personal Injury, and Business contracts. Kate is happy to discuss any legal or pet matter you may have and if she cannot help; she is more than happy to point you in the right direction. Kate Forte 17 Good Hill Rd Woodbury Ct 06798 Office 203-598-8847 Fax 203-841-1116

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