PA Mortgage Network

TIP: Don't make any adverse changes to your financial "picture" during this time between approval and closing. Innocent mistakes range from applying for a new department store credit card, to purchasing a refrigerator for the new house, to buying a new car, to quitting a job to go full-time into a new business. When you supply us information to help verify your income, employment, assets and credit history, we will obtain a credit report directly from the credit bureau.

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For people interested in buying a home, refinancing a mortgage or applying for a home equity loan or line of credit in Pennsylvania. Great rates with superior service.

<< Frequently Asked Questions (FAQ)

What is the difference between pre-qualifying and pre-approval?

A pre-qualification is normally issued by a loan officer, who, after interviewing you, determines the dollar value of a loan you can be approved for. Loan officers do not make the final approval, so a pre-qualification is not a commitment to lend. After the loan officer determines that you pre-qualify, he will send you a pre-qualification letter fro you to use when you are making an offer on a property. Your pre-qualification letter tells the seller that you are qualified to purchase the house you are making an offer on.

Pre-approval is a step above pre-qualification and involves verifying your credit, down payment, employment history, etc. Your loan application is submitted to an underwriter and a decision is made regarding your loan application. If your loan is pre-approved, you are issued a pre-approval certificate. Getting your loan pre-approved allows you to close quickly when you do find a house. A pre-approval can help you negotiate a better price with the seller, since being pre-approved is close to having cash in the bank to pay for the house.