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 me 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.

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, bank records and credit card statements. 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.

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

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Eagle Nationwide Mortgage Company Charter Information

“Eagle Nationwide Mortgage Company (“ENMC”) is a wholly-owned subsidiary of Eagle National Bank and, as such, is regulated by the Office of the Comptroller of Currency, Washington, DC. ENMC operates a loan origination office under the management of Kimberly S. Montgomery, which is located at 8500 Brooktrtee Road, Suite 220, Wexford PA. 15090. All loan applications are subject to credit approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions may apply”. This page contains links to other sites. Eagle Nationwide Mortgage Co. cannot control and is not responsible for the privacy practices of such other sites. Eagle Nationwide Mortgage Co. encourages users to be aware when they leave eaglenationwidemtg.com, and to read the privacy statements of each web site they visit. This Privacy Policy Applies only to information collected by the Eagle Nationwide Mortgage Co. web site. While including these links, Eagle Nationwide Mortgage Co. is not endorsing any third party as a company.

Eagle Nationwide Mortgage Co. 8500 Brooktree Road, Suite 220 Wexford, PA 15090

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