Are you pre-qualified or pre-approved for a loan?
Before you begin to shop for a new home in Minnesota or the Twin Cities metro area, you should take time to apply with Dave Leonard at dbl mortgage.  He can figure out how much you can afford. This will put you in a better position as a New home 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 your home purchase loan with dbl mortgage simply complete the on line loan application. 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. dbl mortgage will then 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.

To get pre-approved, all that is  needed is a complete mortgage application which we have provided for you on this site. Then provide dbl mortgage  with various documents 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 underwriting process is complete you will receive a pre-approval letter.

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. After you purchase your home we will set you up with a low rate mortgage with low closing costs.