MORTGAGE SERVICES
Buying a new home is a source of anxiety, frustration and a huge sense of accomplishment. You didn't pick the house that was best for someone else, you picked the one that's right for you! Trust our professionals to find the mortgage loan that best fits your needs, too. "Less paperwork and more personal attention" means you enter a frustration-free zone from application to decision. Getting the right mortgage loan is like getting the keys to your new house! We can help you get there.
Once you complete the program, Its time to get pre-qualified for a loan.
Before you begin to shop for a new home, you should set up a time to meet with your ADS representative to help you plan for your future home by starting with the perfect loan. 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 will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, ADS will collect information about your debt, income, and assets. 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. We will 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 for a specified amount.
To get pre-approved, you will complete a mortgage application and provide us with various information 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 application process is complete you will receive a pre-approval letter indicating the amount your lender is willing
to lend you for your home.
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, ADS must
review your situation and recalculate your mortgage amount
accordingly.
