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WHAT IS THE DIFFERENCE
BETWEEN
PRE-QUALIFICATION AND PRE-APPROVAL?
Pre-qualification
A pre-qualification is the process
in which the mortgage loan originator reviews the income, debt, assets,
credit history and confirmed monies available for down payment and closing
costs. From this information, the mortgage representative is able to
confirm the amount and type of loan available to the borrower. The
borrower receives a pre-qualification which basically provides you with an
understanding of your lending capabilities. Pre-approval
When purchasing a home, it can be
advantageous to get pre-approved for a mortgage. A
pre-approval takes the pre-qualification process one step further. A
loan application must be completed, which is required in order to be
pre-qualified. The mortgage lender will review the following
information: income, debt, assets, confirmed monies available for down
payment and closing costs. A credit report will be run and the
lender will then issue a loan approval letter to the borrower based on
their review of the information. The
'pre-approval letter' can then be provided to a Realtor and/or Seller as
verification that you are able to obtain sufficient loan funds to purchase
a specific property of interest, and thereby expedite the transaction (or
real estate closing) process.
FINANCIAL
INFORMATION AND MORTGAGE LENDERS IN
THE LAKE MARTIN AREA
If you are interested in further evaluating your
lending capabilities, please contact one of these fine lenders for more
information:
ALIANT BANK
(multiple locations and services available)
Randy P Dawkins, Vice President
and Manager
1154 Lee Street, PO Box 1237
Alexander City, AL 35011-1237
256-329-7445; Fax 256-234-4403
Email: rdawkins@aliantbnk.com
Sandra J. Carlisle, Vice President and Manager
391 North Broadnax Street
Dadeville, AL 36853
256-825-2224; Fax 256-825-2229
ALIANT MORTGAGE CORPORATION
Gary Pittman, Loan Officer
2740 Zelda Road, PO Box 789
Montgomery, AL 36101-0789
334-270-3090; Fax 334-270-3095
1-800-844-3099
gpittman@aliantbnk.com
Myron West, Loan Originator
2740 Zelda Road, PO Box 789
Montgomery, AL 36101-0789
334-270-3090; Fax 334-270-3095
1-800-844-3099
mwest@aliantbnk.com
Leslie McAlister, Loan Officer
2740 Zelda Road, PO Box 789
Montgomery, AL 36101-0789
334-270-3090; Fax 334-270-3095
1-800-844-3099
BANK OF DADEVILLE
Wayne Glasscock, President
242 Broadnax Street
Dadeville, AL 36853
256-825-4284; Fax 256-825-5020
www.bank-of-dadeville.com
Randall McClendon, Vice President and Loan Officer
242 Broadnax Street
Dadeville, AL 36853
256-825-4284; Fax 256-825-5020
www.bank-of-dadeville.com
Jimmy Evers, Vice President and Loan Officer
242 Broadnax Street
Dadeville, AL 36853
256-825-4284; Fax 256-825-5020
www.bank-of-dadeville.com
SOUTHTRUST BANK
SouthTrust Bank
P.O. Box 759
Alexander City, AL 35011
256-329-6800 Attn: Scott Blake, Loan
Officer, 256-329-6805
COMPASS BANK
Compass Bank
Attn: Gale Beers, Mortgage Banking Officer
3480 Eastern Blvd
Montgomery, AL 36116
334-409-7233; Fax 334-409-7324
1-800-239-2285
www.compassbnk.com
BUD WEBER MORTGAGE
Attn: Jim Kiker, Loan Officer
205-531-8194 or 256-825-7661
AUBURN BANK
Attn: Julia McCreight, Mortgage Loan Department
334-887-2736
Auburn, Alabama
jmccreight@auburnbank.com
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