Freddy Caheely

Sales Associate

First Step:  Get Pre-Qualified!

Getting pre-qualified with a lender is a good first step toward buying a home.  It is a simple conversation with a lender so they can advise you on what you can afford based on your income/debt levels, down payment, employment history, perceived credit score, etc.  A pre-qual does not require the lender to pull your credit score.  It is an estimated of the amount you would qualify if you took the next step and actually applied for a home loan.  Being pre-qualified provides you, your real estate agent, and a your lender a ball-park figure of what you would likely be able to afford in a home loan.  Pre-qualification does not meant the you are approved for a loan.  Pre-qualification helps in the home buying process but it is not as strong a being actually pre-approved for a loan.

 

Get Pre-Approved!

Getting pre-approved for a home loan means that you have met with a lender, submitted all the required documents for a loan application (institution’s application, proof of income, assets, tax returns, credit information, underwriting from the lending institution, etc) and have been approved for a home loan.  Pre-approval shows home sellers and real estate agents that you are a committed buyer.  It show you exactly home much house you can afford and helps your chances of getting the home you want.  The pre-approval process can take 30-90 days typically, longer in some instances.

 

Summary of the difference:

Pre-qualification - first step, less robust, based on estimates, doesn’t require your credit to be pulled, is not a sure thing, is not taken as seriously

 

Pre-Approval - is based on verified information, must complete an actual loan application, requires a credit check, must be underwritten, shows written conditional commitment, shows sellers/real estate agents that you are serious.

 

Lenders

 

Shannon McDaniel
Loan Office
Peoples Home Equity
Located inside RE/MAX Real Estate Center 
1442 Battlefield Parkway
Fort Oglethorpe, GA  30742
Office Ph:  (423) 591-9801 x1603
Email:  SMcDaniel2chattmortgage.com

www.ChattMortgage.com

NMLS ID #183129

Lisa Baskette

Lisa A. Baskette
Mortgage Loan Originator ~ Regions
7540 East Brainerd Rd.
Chattanooga, TN  37421
Office Ph:  (423) 321-6566
Cell Ph:  (423) 702-1693
Fax:  (423) 321-6302
Email:  Lisa.Baskette@Regions.com

www.RegionsMortgage.com

NMLS ID #0000546265

Regions Logo
Shay Robbins

Shay Robins
Loan Originator  |  Prime Lending
Direct Phone:  (423) 414-3390
Fax:  (866) 908-5661

Email:  SRobins@PrimeLending.com
www.PrimeLending.com
NMLS #403423

 

Prime Lending
Michelle Tennyson

Michelle Tennyson
Mortgage Consultant
Cunningham & Campany
409 S. Germantown Rd.
Chattanooga, TN  37411
Office Phone:  (423) 624-0448
 Cell Phone:  (423) 316-3411
Fax:  (423) 800-5811
 Email:  michellet@cunninghammortgage.com
www.CunninghamMortgage.com

NMLS #150337

Cunningham
Elijah Parker Elijah Parker
Market Leader
First Volunteer Bank
2329 N. Main St.
LaFayette, GA  30728
Office Phone:  (706)9 996-8800
www.FirstVolunteer.com
First Volunteer