Home Buyer's Guide

Items Needed for Pre-approval/ About Applying for the Loan

Pre-approval and pre-qualification are often very confusing terms in the home-buying process, but it’s extremely useful to know the difference to choose the best path to take.

Getting pre-qualified for a loan entails providing your Loan Originator at First Choice Loan Services Inc. with financial information such as your current income, your assets and your debt over the last two years. By supplying this information either over the phone or through our online short application, your First Choice Loan Services Loan Originator can provide a preliminarily estimate of how much may be available for you to borrow for the purchase of a home.

While a pre-qualification is not a commitment to lend, it will help provide direction and save time in your home search. You’ll have an exact dollar amount to use while shopping. This will narrow your search to the homes that fall within a reachable financial range. Additionally, you’ll find that you can have more negotiating power when making an offer on a home. Especially in today’s competitive market, sellers are receiving multiple offers. With the backing of a pre-qualification letter from First Choice Loan Services, you can hold an advantage and a stand out from other offers that are not backed by a pre-qualification letter.

Loan pre-approval is a tentative agreement from a particular lender to loan a specific amount based on a particular loan program. To be pre-approved for a loan, you’ll need to provide numerous documents that confirm your employment, income, assets, debts and other information. For complete details, visit our list of Documents Needed for Loan Applications.

You’ll find going through a pre-approval puts you ahead of the game in terms of the required paperwork involved in the loan process. This helps you complete a lot of work up front. It also means that you possibly could close faster. As a result, you may find lower rates or points available to you, and you may also be able to move sooner. On top of all of those advantages, pre-approval provides the chance to use the First Choice Float Down Option allowing the possibility for additional savings.

Even with the pre-approval, the funding of the loan is still dependent upon the property appraisal, the title search and other verifications required for the home.

You are able to apply for a mortgage with First Choice Loan Services either through our online application or in-person. Our boutique-style service, customized approach, and deep dedication to ensuring you have a seamless loan experience will bring you peace of mind throughout your application and home-buying process.

First Choice Float Down Option

When applying for a loan with First Choice Loan Services, consider our Float Down Option which provides you a wonderful opportunity to save more money on your mortgage payments by getting a potentially lower rate. If current interest rates drop below the locked interest rate, you still may be eligible to take advantage of the lower rate!

The Float Down Option can be applied on fixed-rate conforming and conforming high balance loans, and the loan must fund within 20 days of requesting the Float Down Option or the Lock Expiration Date on the Initial Lock, whichever is less. This Float Down improvement is applied to interest rate only and is based on initial lock period.* Ask your First Choice Loan Services Loan Originator for more details.

*Fee reduction is not permitted. Maximum Float Down is 0.375% less than the locked-in rate. A Cancellation fee will apply if you withdraw your application, or otherwise decide not to proceed, after the rate is locked under this program. The fee will not be charged if the loan closes, or is denied. Other program restrictions apply. Please see the disclosures and information provided once you apply and speak with your First Choice Loan Services Loan Originator for full and complete program details.