Are you pre-qualified or pre-approved for an ACU loan?

Before you begin to shop for a new home, please contact an America's Credit Union loan officer by phone, e-mail, or in person so they can help figure out how much you can afford. This will put you in a better position as a 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 can be crucial when you decide to make an offer on a house. Also, please note pre-qualifications and pre-approvals are for purchase loans only.

To get pre-qualified for a loan, the loan officer will collect information about your debt, income, and assets. They will 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. They will issue 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 for a specified amount.

To get pre-approved, you will
complete the full loan application not the quick online application and provide the loan officer with various documentation verifying your employment, assets and financial status such as current check stubs, W-2 forms, bank and other asset statements. They will review your mortgage options. Once the application process is complete you will receive a pre-approval letter indicating the amount America's Credit Union is willing to lend you for your home purchase.

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 qualifying conditions. If your financial situation changes (e.g. you lose or change your job), credit changes, interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.