Pre-Approval and Prequalification

At Community Central Mortgage Company, we feel it's important that you select a loan program that fits your lifestyle and comfort level. That's why we have developed the most advanced PRE-QUALIFICATION and PRE-APPROVAL tools available in the industry today.

Pre-Approval and Prequalification, is there a difference? If so, what are the differences and what do they mean to you?

Prequalification

Prequalification Advantages:

More home buyers are recognizing the advantages of "pre-qualifying" for a mortgage prior to shopping for a home. Pre-qualifying gives you a general idea about your borrowing power so that you can start looking at homes within your price range.

• Prequalification enables the homebuyer to determine a "comfort range" of affordability, both in terms of what the lender will allow and what the borrower deems reasonable.
• It helps the homebuyer identify potential problem areas that may surface in the mortgage process and provides a "head start" in dealing with these issues.
• It gives the homebuyer a competitive advantage when submitting a bid for a home if the seller knows the purchaser has met with a loan officer.
• It shows the potential seller that you are a serious borrower.

If you are interested in being Pre-Qualified contact one of our loan officers.

Pre-Approval

Similar to Pre-Qualification, the Community Central Mortgage Company Pre-Approval Program is a more in depth process. Your loan application is actually processed and approved and a commitment is issued subject only to a satisfactory property appraisal and a title commitment.

At Community Central Mortgage Company we take the Pre-Approval process one step further. Through our Home-Cash™ program you will become a CASH BUYER in the eyes of the seller. The Home-Cash™ CARD and CERTIFICATE separates you from all the other potential buyers that may be bidding on the very same home "you" are interested in. With the Home-Cash™ CARD the seller is far more likely to accept "your" offer.

Here's how our Home-Cash™ Pre-Approval program works, we call it "The Six Steps to Home Ownership":

Six Steps to Home Ownership

Step #1:

You have decided to purchase a home of your own; this is the most important step. Once you've made the decision to improve the quality of life for you and your family, leave the rest to Community Central Mortgage Company. Our goal is to take the confusion out of the home buying process and guide you through the mortgage process from A to Z.

Step #2:

Now you should meet with your Community Central Mortgage Company Loan Officer. During the initial meeting your Loan Officer will discuss all of the financing options available to you; review your employment history, credit history and determine your income level. After your meeting, Community Central Mortgage Company works tirelessly behind the scenes getting your loan pre-approved. Your application will actually be approved subject to finding a home within your Pre-Approved price range and on your Pre-Approved terms.

Step #3:

At this point if you are not already working with a professional REALTOR, your loan officer will provide you with a listing of many qualified REALTORS that they deal with on a daily basis. The REALTOR will understand your specific loan program and the community where you will be buying.

Step #4:

Once you have chosen a REALTOR, it's again time for Community Central Mortgage Company to help you. We will then work with the REALTOR to prepare and present (to the sellers) the offer to purchase (purchase agreement) for the home you have selected. When you have reached this stage you'll be glad you took the first step in contacting Community Central Mortgage Company. At this point you will be armed with our Home-Cash™ PRE-APPROVAL CERTIFICATE and our Home-Cash™ CARD. This pre-approval certificate and cash card means you are now, essentially, a "Cash" buyer in the eyes of the seller.

Step #5:

Once your offer to purchase is accepted, we will order the Appraisal, Inspections, Survey, perform a Title Search and then prepare the necessary Closing Documents.

Step #6:

You attend the closing. The closing will either take place in our office or at one of our approved Title Companies. At the closing you'll be glad you selected Community Central Mortgage Company for your home financing needs. We will have prepared all of the important documents for you and the seller to sign. We will be there with you, our mortgage funds in hand, to complete the transaction. Our goal is to make the transition of ownership between you and the seller a seamless and enjoyable experience. The dream of homeownership is now a reality and moving day is just around the corner.