Mortgage Preapproval Online
In just 7 simple steps you can get preapproved in under 3 minutes for prequalification, and same-day mortgage pre-approvals.
You can get a mortgage preapproval online using EquiFund's online mortgage preapproval that identifies the lowest interest rate and fee mortgage from multiple national lenders loan offers while issuing a mortgage preapproval online.
The online mortgage preapproval calculator will generate a mortgage prequalification in under 3 minutes and issue a same-day mortgage preapproval online.
When you use the mortgage preapproval online app, you will be able to compare multiple loan offers to capture the lowest mortgage rates and fees while getting a verified mortgage preapproval letter.
What is the information displayed on this Mortgage Preapproval Online app?
EquiFund's online mortgage app will show you real preapproved home loan offers from multiple mortgage lenders today.
The mortgage app will identify the lowest mortgage rate and fee loan as determined by the annual percentage rate listed in each loan offer.
This online mortgage preapproval app will provide you with a mortgage prequalification and a mortgage preapproval all with in a single online user session.
Rates 1% lower than most banks at Equifund Mortgage® | See real pre-approved loan offers.
Get Pre-Approved Online. See Loan Offers in 3 minutes.
Information displayed for a mortgage preapproval online:
- Multiple real loan offers to identify lowest cost home loan
- Annual percentage rate
- Interest rates
- Loan amounts
- Loan terms
- Monthly payments
- Down payments options
- Closing cost
- Prepaids
- Property taxes and insurance
- Monthly mortgage insurance-if required
Whether you are a first time home buyer, or have prior experience, our online mortgage app will provide you with a fast pre-approval process to get your loan preapproval letter all within the same-day.
When should I get preapproved for a mortgage?
You should get a mortgage preapproval when you are ready to start looking at homes and are willing to make an offer to purchase the home you desire. Its very important to understand that most real estate agents and home sellers will require a preapproval letter before accepting any offer to purchase a home.
Most mortgage preapproval letters are valid for 60-90 days; therefore, it is best to request a mortgage preapproval and preapproval letter at the beginning of the 60-90 day time period that you would like to purchase a home.
Can I get a Mortgage Preapproval Letter Today?
Yes, you can get a same-day mortgage preapproval online when you elect to use EquiFund Mortgage. To get a preapproval letter today, be sure to upload your income and asset documents, and we will review the documents and issue a preapproval if you meet the terms and conditions for the loan program you selected.
Will this preapproval hurt my credit score?
If lender uses a soft pull credit inquiry, then no your credit score will not be affected. If the lender requires a hard credit inquiry then that will create a small hit to your credit score of about 3-5 points. This is called a hard credit inquiry, and it may cause a temporary and small decrease in your score. Nevertheless, the effect is usually brief and minor.
If you notify and insist, the mortgage lender should have access to soft pull credit inquiries. EquiFund Mortgage uses soft credit inquiries to issue mortgage preapprovals. Once your loan is submitted for full underwriting we will then make a hard credit inquiry which will be registered on your credit report.
Rates 1% lower than most banks at Equifund Mortgage® | See real pre-approved loan offers.
Get Pre-Approved Online. See Loan Offers in 3 minutes.
7 Steps to get a Mortgage Pre-Approval Online
The first step to getting a mortgage pre-approval online is to select a loan provider that offers the best terms, and lowest mortgage rates and fees. EquiFund Mortgage provides a low cost affordable mortgage loan delivery network. To take advantage of the loan savings and get preapproved complete the steps listed below.
- Fill out an online application with basic financial information (3 minutes).
- Review your prequalified loan options, showing monthly payments, rates, and fees (3 minutes)
- Select your preferred prequalified loan option that matches your budget.
- Upload your income and asset documents in a secure upload.
- The lender will review your application and request additional documentation if needed.
- The lender will verify your credit history and financial information.
- The lender will give you a verified pre-approval letter that outlines the loan amount and terms.
What are the requirements to get a mortgage pre-approval?
Below is a list of the requirements to get a mortgage preapproval.
- Minimum credit score: 580
- Min Down-payment: 3-3.5%
- Min Down Payment for Veterans: 0%
- No bankruptcy chapter 7 in the last two years
- Bankruptcy Chapter 13 must have made 12 payments on time.
- Debt to income ratio less than 50%.
What are the documents needed for mortgage preapproval?
The following is a list of documents you may need to provide for mortgage approval.
- W-2 statements: Last 2 years
- Pay-Stubs: 1 Month most recent
- Checking accounts: 2 months
- Savings accounts: 2 months
- List of assets
- Driver's license
- Social security number
- Federal income tax return: Last 2 years
- Business Profit and Loss: if self-employed
- Business License: if self-employed
- Business Banking Statements: for bank statement loans only
Rates 1% lower than most banks at Equifund Mortgage® | See real pre-approved loan offers.
Get Pre-Approved Online. See Loan Offers in 3 minutes.
What Types of Mortgages does EquiFund offer?
EquiFund's online mortgage preapproval app offers a full list of loan programs provided by several national mortgage lenders. The mortgage app gives you the ability to maximize your probability of getting approved and identify the lowest cost mortgage with the lowest mortgage rates guaranteed.
After securing a low-rate and low-fee mortgage through online preapproval, your next step is simply finding the perfect home.
Online Home Loan Programs Offered:
EquiFund offers a wide range of loan programs to insure our customers are able to get approved for a home loan without the challenges of calling multiple mortgage lenders.
- FHA home loans: 3.5% down payment, 580 credit score
- Veteran home loans: 0% down payment, 580 credit score
- Conventional mortgage loans: 3-5% down payment, 620 credit score
- USDA Rural Housing loans: 0% down payment, 600 credit score
- Jumbo Mortgage Loans: 10% down payments, 640 credit scores
Leveraging automation, the online mortgage app will identify all online loan programs you qualify for. Moreover, the mortgage app will locate the lowest term loan using an annual percentage rate to highlight the best loan option for you.
If you have any questions when reviewing your preapproved loan options, we invite you to call one of our experienced home loan originator that will be happy to resolve any questions or concerns you may have.
Preapproved Online Mortgage Loan Options matched to your budget.
By utilizing an online mortgage preapproval marketplace, you will not only obtain a mortgage preapproval but also take advantage of automation to find the best mortgage loans with the lowest mortgage rates and fees from the top lenders in the country. The online mortgage calculator assist in saving time in the preapproval process.
Applicants that apply online will see real online instant pre-approved loan options in under 3 minutes.
Speak to Your Online Home Loan Originator
After completing steps 1 through 7, we suggest you call the lender to identify the loan originator that will work with you throughout the home buying process.
A good mortgage loan originator will make themselves available for any questions. In addition, the loan originator will verify that the best loan option has been captured and assist in the loan underwriting and closing process.
Rates 1% lower than most banks at Equifund Mortgage® | See real pre-approved loan offers.
Get Pre-Approved Online. See Loan Offers in 3 minutes.
How Long Does a Mortgage Pre-Approval Last?
Most mortgage preapprovals are valid for 60-90 days. If you just met the minimum requirements for preapproval on your home loan.
Then please be sure to make all your credit payments on time, and do not let anyone pull your credit report using a hard credit pull inquiry that can lower your score.
If you do not find a home within 30-45 days it is recommended that you contact your assigned loan originator to re-confirm eligibility and validate a new mortgage preapproval.
What is the Difference Between Prequalification and Pre-Approval?
Prequalification is an initial evaluation to determine the maximum amount of money you can borrow based on your credit ratings and the financial information you provide verbally.
A mortgage preapproval is a formal process in which a lender scrutinizes your financial documents, credit report, and credit score to ascertain the loan amount you may be approved for to receive a mortgage offer. The underwriter usually runs a Fannie Mae or Freddie Mac desktop underwrite to confirm final loan approval.
What Does Prequalified Mean?
You must share your income and debt information with a lender to get prequalified for a mortgage. Based on that information, the lender will provide you with an estimate of the amount you may be eligible to borrow.
What Does Pre-Approved Mean?
When you receive mortgage pre-approval, the lender checks your credit score, income, and employment history to help them determine how much you can borrow and what interest rate you qualify for. This information will help you understand your borrowing capacity better.
What is the difference between preapproval and final approval?
A preapproval is the preliminary review of your credit report, credit score, and income and asset documents to confirm your meet all underwriting guidelines.
A final approval is issued once you have a real estate contract, and your loan file has been submitted to the underwriter for final loan approval.
The final approval requires that the applicants have secured homeowners insurance, review the real estate appraisal, and review the properties title commitment to confirm that the property will be free and clear of liens on the home, prior to disbursing any funds at closing.
Final Approval's require the review of Property Details:
- Appraisal value: The appraisal is a report determining the value of the property. The lender will want to ensure the home's value is more than the requested loan mortgage amount.
- The Property Title: The lender will work with a title company to ensure no claims or liens against the property.
- Condition of the home: Specific standards must be met if you purchase a home with an FHA loan. Such as no cracked windows, roof needing to be replaced, etc. You need to be aware of any improvements or safety issues that need to be addressed before purchasing the home. A home inspection by a licensed home inspector will detail any property problems.
Benefits of Online Mortgage Preapprovals
By using an online mortgage preapproval from a digital mortgage marketplace, you will easily obtain a preapproval and prequalification for mortgage loans with the lowest interest rates and fees in a single online session. This means that you can get a lower payment compared to most home loan offers or can purchase more home for the same payment as an "Ok" rate mortgage loan.
This online mortgage marketplace gives you the ability to obtain multiple mortgage pre-approvals without hurting your credit or having to submit several loan applications to different lenders.
Rates 1% lower than most banks at Equifund Mortgage® | See real pre-approved loan offers.
Get Pre-Approved Online. See Loan Offers in 3 minutes.
The Online Pre-Approval Mortgage Process is Not Scary
In conclusion, using the web to get a mortgage preapproval online has simplified the home buying process by offering prospective home-buyers convenience, efficiency, and peace of mind.
EquiFund's user-friendly mortgage app will save you money, time and provide you with a peace of mind, knowing that you not only got preapproved but found the best mortgage rates and were able to see all the information you needed in one simple step.
When it comes to getting a mortgage preapproval online, its is also important to find the best rates, lowest fees, so you get the lowest possible payment, which is good wealth management.
EquiFund's simplified online preapproval calculator offers home-buyers with the lowest cost mortgage loans in the market. You can get a preapproval letters with just a few clicks, and confidently enter the real estate market to make an offer on your next home knowing you saved thousands of dollars.
The online preapproval process streamlines communication, eliminating the need for extensive paperwork and time-consuming meetings. With the ability to access preapproval letters anytime and anywhere, potential buyers gain a competitive edge, allowing them to act quickly in a fast-paced market.
Moreover, online mortgage preapproval offers valuable insights into one's financial capacity and helps establish a realistic home purchase budget. By analyzing credit scores, income, and debt-to-income ratios, lenders accurately assess an individual's borrowing potential, granting them a clearer understanding of their purchasing power. The financial agencies will determine the best amount of lending to the home buyer.
This knowledge equips buyers with the confidence to shop within their means and make informed decisions about their financial future. The online preapproval process encourages responsible borrowing, helping individuals avoid overextending themselves and mitigating the risk of default.
Furthermore, the online preapproval experience fosters transparency and accountability between lenders and buyers. By providing access to personalized dashboards, individuals can monitor the progress of their applications, review important documents, and communicate with their lenders seamlessly. This open line of communication builds trust and ensures that every party involved is on the same page throughout the home buying journey.
In summary, mortgage preapproval online has simplified and expedited the home buying process, empowering prospective buyers with valuable information and enabling them to make more informed decisions. With user-friendly platforms, accurate assessments, and streamlined communication, online preapproval offers convenience, efficiency, and transparency to individuals seeking a home.
As technology advances, the online preapproval experience will likely evolve further, enhancing the homebuying experience and empowering individuals to achieve their homeownership dreams confidently. Whether you're a first-time buyer or a seasoned homeowner, mortgage preapproval online is a game-changer that propels the real estate industry into the future.
