In the home loan application process you incur certain costs, whether or not you qualify for the loan. With pre-qualifying, there is less guesswork. You can apply for a loan with confidence. Pre-approval is a loan approval commitment based on your credit history and income. You can make a decision, close your loan and move into your new home very quickly.
Sellers typically consider a pre-approved buyer s offer much more favorably.
Once your offer has been accepted, you will need to get a mortgage loan. There are many different loan programs available. So, you will need to talk to a representative from CTCE about a program that best suits your needs. It may be in your best interest to refinance your mortgage. Perhaps the rates have dropped significantly or you would like to change the terms of your loan.