Why, When and How to Get Pre-Qualified

Finding the right home is stressful enough.  Finding the right mortgage doesn't have to be.  Allow us to briefly walk you through the basics of the loan pre-qualification process.   

Why get pre-qualified?                

A loan pre-qualification serves three main purposes:                                                                   

• It lets the buyer know the maximum loan size they can qualify for and will therefore provide a purchase price range for which they can shop.
  
• It immediately makes the buyer aware of any unforeseen credit, income or asset issues thus providing time to address these issues prior to the close of escrow
  
• A pre-qualification notification issued by a reputable mortgage company lets sellers know you are a serious and qualified buyer when making purchase offers.

When to get pre-qualified

The pre-approval is the essential first step of the purchase of any home.  Most seasoned real estate agents will advise you to get pre-approved with a reputable mortgage company right away.  By getting your loan pre-qualified first, you are setting realistic price ranges, overcoming potential credit or income obstacles early and solidifying the financing upfront so that you can focus on finding the right property. 

How to get pre-qualified

At Magnolia Bank, the pre-qualification process is simple, convenient and, best of all, free.  Simply follow these four easy steps:

1) Click Get Rates to view your new interest rate and payment.  If you do not know your exact purchase price and down payment at this time, simply enter your best guess into the calculator.  These details can be solidified once the pre-qualification has been issued.

2) Once you have selected your desired loan program, click Select Interest Rate and Go To Application.

3) Create your secure online account and complete the simple online loan application.

4) Gather the items needed and return them to Magnolia Bank.

Once you have returned your items needed and signed disclosures to us, you will be assigned a Loan Originator and a Processor.  They will take over your loan and have an underwriting decision completed usually within 24 hours. 

When your loan has been approved, Magnolia Bank will issue a Loan Pre-Qualification Notification and a formal Loan Estimate. 

Congratulations!  You are now ready to start making legitimate, qualified and pre-qualified purchase offers.
 

Click Get Rates to set your pre-qualification in motion.  

Speak With A Loan Originator 

Would you prefer to speak with a Loan Originator over the telephone?  Please call us directly at   1-800-276-CYOL(2965) and choose option 1.  Or, click here to have one of our experienced representatives contact you directly.