AdobeStock_108429989-2PRE-QUALIFICATION

 

At some point in the mortgage process, the term “pre-qualification”  will arise. You will find out that realtors no longer will present or schedule showings without first having some proof that yo have been qualified b a lender.

 

 

 

 

At Mutual of Omaha our team will work with you to determine the maximum loan amount you may qualify for, based on your current income, debt and other financial factors, like your credit report and history. Pre-qualification is an informal process but our Team does not issue a pre-qualification letter unless formal documents  have been submitted to your Mortgage Banker first. Apart from your credit report we fully review the applicant’s income and asset documentation. This includes full tax returns, W2’s, pay stubs and bank statements. A full review is also completed regarding the applicant’s specific scenario – i.e. prior bankruptcy, self employment, rental income, child support etc… Any information that may require further scrutiny is reviewed with an underwriter to insure that issues are addressed up front and not when an applicant has a accepted offer.

You may have heard that pre-qualification letters do not hold much weight since not all lenders take the time to review and document the information being provided; but at BBMC issuing the letter is secondary. Insuring the information we receive and documenting all aspects of the borrower’s situation is what is most important. Our pre-qualification letter signals to the seller that there will be few, if any, snags to the purchase (such as the “falling through” of financing), and that the whole process will be smoother, shorter and more seamless if they accept your offer.