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Loan Process

Do you go to the grocery store without knowing your checking account balance?, I hope not! A wise borrower will follow the best and first step in any real estate transaction. know what type of loan products you can qualify for, and how much financing (dollar amount) you can qualify for with these loan products.

You will hear the many attributes in getting a "Pre-Qualification Letter" which is beneficial. American Resource Mortgage believes in extending our service further to you. We will provide you with a "Pre-Approval Letter" which is much different and elevates your negotiating power.

In layman's terms a pre-qualification letter states you are qualified for a certain loan amount under a specific loan program subject to certain criteria. This refers to needing to still verify your income with w-2's, pay stubs, verifications of employment, asset accounts, bank statements, verification of deposits, credit reports, credit letters, and many other possible documents. Why obtain a pre-qualification letter when it validates nothing but a laundry list of items still needed for approval??

American Resource Mortgage wants to deliver in writing a "Pre-Approval Letter" that has already verified and validated all your personal information. This can be accomplished in 1 simple face to face application and $18.50 for a credit report. In doing so you send a message to the Realtor and most importantly every seller that you actually are an approved borrower, cash in hand, ready to buy right now.

The "Pre-Approval Letter" increases your buying status to all sellers because the doubt of qualifying and most importantly being approved is eliminated. The "Pre-Approval Letter" says you are ready to close in a very short timeframe. Remaining items will be all property related such as appraisal, title work, survey, flood cert, etc.

Now let's get started so please see the next section for items needed to be brought to application so then we can set our application date.


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