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Are you pre-qualified or pre-approved for a loan?

Before you shop for your new home in Alabama, it is very important to get a free loan analysis with Premier Living Mortgage to determine how much you can afford or what type of monthly payment you'd like. This will put you in a better position as a buyer.

To get pre-qualified for a loan, we ask you about your income, assets and debts. We'll look at your credit profile and get an idea of different loan programs that would work for you by shopping and comparing our lenders. Each lender offers different programs and it is our job to find the BEST one for you. We can then give you a pre-qualification letter. (A pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend.)

Pre-approval is one step further. We'll complete your application and collect various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements we 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 and the interest rate is available to be locked in.  

Disputing Credit Report:  Your credit report is a record of your credit activities. It lists all of your credit card accounts and loans, the balances as well as your payment history. It also shows if any action has been taken against you because of unpaid bills such as a lawsuit or bankruptcy filing. Because businesses use this information to evaluate your applications for credit, insurance and employment, its important that the information in your report is complete and accurate, especially if you plan to make a big purchase like a home.

The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission (FTC), is designed to promote accuracy and ensure the privacy of the information used in consumer reports. Under the FCRA, both the credit reporting agency (CRA) and the organization that provided the information to the CRA (usually the credit card company) must correct any errors or incomplete information in your report.


 

Getting Pre-Approved