You are in the right place if you are looking for a mortgage pre-approval in D.C., Alexandria, Bethesda, Silver Spring, Gaithersburg, or Rockville. Many people are a little confused when it comes to the first step to take. You may have heard of the term “pre-qualification” and assume that this is the same thing as a pre-approval. In fact, this is not the case at all.
A pre-qualification is useful, because the company that provides it would let you know how much home you can afford given the information that you provided. However, a very detailed analysis of your financial data would not be conducted, and your credit report would not be examined.
Things are entirely different with a pre-approval. Your credit report will be pulled, and all of your financial info will be verified when you apply for a mortgage pre-approval. If everything checks out, you can go forward with the knowledge that you will in fact receive the financing you need, because you are pre-approved for a mortgage.
Making the Right Choice
There are many different loan programs out there, and it can be difficult for someone that does not have a great deal of expertise in the business to understand which way to go. Plus, there are those that are not sure if they can obtain a mortgage pre-approval because they have limited down payment funds and less-than-perfect credit. This is where we can enter the picture to provide valuable assistance.
We have access to hundreds of different loan programs, including conventional loans, VA loans, and FHA loans. One of our knowledgeable team members can gain an understanding of your situation and explain your options to you so that you can make an informed decision. When it comes to people with so-so credit that are looking for a low down payment option, an FHA loan can be a good choice. It is possible to obtain this type of loan with a credit score that is under 600, and the minimum down payment amount is 3.5 percent.
Contact Primex Mortgage Corporation!
Now is the time to take action if you are interested in a mortgage pre-approval. Our friendly, communicative mortgage loan specialists are standing by to answer your questions, and you can reach one of them by phone at 301-468-5600. You can alternately click here to send us a message through this website.