PREQUALIFICATION VERSUS PREAPPROVAL WHAT LENDERS LOOK FOR
CREDIT HISTORY
DEBT TO INCOME RATIO
DOWN PAYMENT
On-time payments and the length of history.
Ratio reflecting your monthly obligations and your monthly income.
With larger down payments your loan terms will be better.
FINANCIAL HISTORY
ASSETS
EMPLOYMENT HISTORY
Bankruptcies/foreclosures records? Consistent income increase over the years?
What funds do you have available during and after you close your loan?
How long have you been with your employer or line of work?
PRE-QUALIFICATION •
Provides a “ballpark” estimate of your buying power
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Is based on summary information of your income and assets
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Requires a satisfactory review of property, financial documents and program requirements to issue final approval
Synergy One Lending, Inc. DBA Partners Mortgage | NMLS 1907235
PRE-APPROVAL •
Provides proof to real estate agents and sellers you’re pre-approved for a specific loan
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Is based on verification of your income, credit and assets
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Does not require a satisfactory appraisal and title review until final approval
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We offer this service at no cost before you find a home
