Online Mortgage Pre Approvals | Mortgage Preapproval
How to get an Online Mortgage Pre-Approval with a 1% lower interest rate than most banks or lenders.
How is this possible?
- We deliver interest rates 1% lower than most banks and lenders.
- 1% lower rates are equal to approx. 10% the purchase price of a home.
- Lowest Interest Rate and Fee loans guaranteed.
No credit pulls, spam calls or emails. Just stupid low rates.
Get 1% off 30 year fixed rates for online loan offers.
How to get a fast online mortgage preapproval?
To get an online mortgage preapproval, many homebuyers use EquiFund's mortgage app that takes only 3 minutes to complete the mortgage pre-approval process.
The mortgage app will automatically email the mortgage pre approval letter to the email address provided.
The mortgage pre approval letter will identify the maximum purchase price of the homes you are qualified to purchase.
When homebuyers get pre approved for a mortgage online using EquiFund's mortgage app, it will immediately display mortgage options and your estimated loan amounts, monthly mortgage payment, interest rates, and closing costs.
Why do you need a mortgage preapproval letter?
Real estate agents will require that you give them a valid mortgage pre approval letter to shop for a home. If you want to purchase a home then the first step to buying a home is to get an online mortgage pre approval.
The mortgage pre approval letter will inform the real estate agents and home sellers of the maximum price of the home you are qualified to purchase.
When you complete the mortgage pre approval process using the mortgage app, the app will automatically issue an pre approval letter that will identify the maximum price of the home you are qualified to purchase.
Identify Lowest Rate Loans – and do it all online. You can get real, customized Loan Offers matched to your profile.
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How long is the pre approved mortgage letter good for?
A pre approved mortgage letter is valid for 90 days from the date of application to purchase real estate. If the real estate shopping takes more than 30 days, EquiFund's home loan expert will re-issue another mortgage pre approval to give to your agent.
When a purchaser offer is made on a property, the real estate agent will provide the sellers of the real estate with a copy of your mortgage pre approval letter.
The mortgage preapproval letter will inform the seller of the home that you are qualified to purchase the home.
Identify Lowest Rate Loans – and do it all online. You can get real, customized Loan Offers matched to your profile.
See Lowest Lender Rates
NOTE: It is important to refrain from making any large purchases on your credit cards. Do not open any new lines of credit after the mortgage pre approval has been issued.
Underwriters will update the credit report to verify no additional debts have been added to the monthly debt obligations.
What is the required information to get an online mortgage pre approval to purchase a home?
- Name, address and phone number
- Gross annual income
- Credit score, credit report
- List of existing monthly payments
What are the steps to get an online mortgage pre approval?
- Use the mortgage app to apply for a mortgage to buy a home
- Answer the mortgage app questions
- Review the loan options provided from the mortgage app
- Select the loan option that provides the best mortgage loan terms
- Check the email provided for a list of required documents to upload
- Use the mortgage app to upload each document listed in the email
- Print out the Online Mortgage Pre Approval letter
- Give your real estate agent the mortgage pre approval letter.
EquiFund's mortgage app simplifies the mortgage pre-approval process and presents real loan options, lowest lenders mortgage rates and a valid mortgage prequalification.
What is the list of required documents to submit for mortgage pre-approval?
EquiFund's mortgage app will determine which documents are required based on the information provided to the mortgage app. Below is a list of financial information you will be required to upload.
In the list provided below are the required documents to complete the mortgage pre approval submission.
- Last 2 years IRS Tax Returns or W2
- 1 month most recent pay stubs
- 2 months most recent bank statements for checking and savings accounts
- Drivers license
- Social Security awards letter
- Retirement awards letter
What is the basic guidelines for mortgage prequalification to get approved for a home loan online?
EquiFund's mortgage app uses accurate underwriting guidelines provided by multiple mortgage lenders to determine lenders mortgage rates, and generate a valid mortgage preapproval letter.
EquiFund's online mortgage app includes all loan program guidelines that are used to determine all eligible mortgage options for you to choose from. Learn what factors are used to determine eligibility for mortgage loan approval by reading the following article, "How to get a mortgage loan: Mortgage guide"
Basic credit score and mortgage approval requirements:
- Minimum Credit Score of 580
- Down payment of 3% or more
- No Bankruptcy within last 2 years
- No foreclosure within last 4 years
- Debt-to-Income less than 50%
What are the monthly income requirements to get approved for a mortgage?
Your monthly income should be double the total sum of all your monthly payments on credit cards, auto loans, student loans, and personal loans. Please refer to the article "How much income do I need to buy a home" for a complete understanding of what income is consider per Fannie Mae and Freddie Mac underwriting guidelines.
What are the benefits of using EquiFund's mortgage app to get an online mortgage pre approval?
The benefits of using EquiFund's mortgage app to get pre approved for a mortgage home loan is that it will identify the lowest loan terms from multiple lenders in our digital mortgage market place in a single session.
Our mortgage app will pre approve you to purchase a home using the lowest interest rate and fee mortgage loan in our marketplace.
A 1% lower interest rate on $450,000.00 loan amount is equal to approximately $ 49,400.00 more purchasing power for free compared to a 1% higher rate mortgage.
How to does EquiFund mortgage app deliver the lowest interest rates on a mortgage guarantee?
The mortgage app will identify the lowest interest rate and fee mortgage loan from all the mortgage lenders in our system. To identify the lowest rate loan, the mortgage app calculates thousands of loan programs and home loan options to return approved loans from the lender with the lowest interest rates and closing cost loan offer within minutes.
The mortgage app will provide you with immediate results and show you the following home loan info:
- Payment
- Rates
- Escrow prepaids
- Closing Costs
- Monthly Taxes and Insurance
- Down Payment
- Annual percentage rates
What can I do if I do not get prequalified to purchase a home?
If you do not get approved for a mortgage you should call our office to talk with a licensed mortgage loan originator. The loan originator will manually review the data you submitted on our mortgage app. If your credit rating is less than 580 our loan originators can work with you to rapidly raise your credit score.
To increase your credit rating, our loan originators will pull a rapid re-score report directly from our credit report agency. The rapid re-score report will provide specific directions for you to follow that will may increase your credit rating.
To increase your credit rating to obtain lender approval to purchase a home, you may need to pay down the principal balance on your credit cards. Our management staff will be able to direct you on the best approach to increase your credit rating.
Identify Lowest Rate Loans – and do it all online. You can get real, customized Loan Offers matched to your profile.
See Lowest Lender Rates
When you increase your credit rating, the mortgage lenders will provide you with a home loan that offers a lower interest rate because you have a higher credit rating.
Most often a bank will fail to provide the information you need to get approved for a mortgage at a later date.
When you complete the rapid re-score report process to increase your credit rating you will be issued a new mortgage approval online with the lender offering the lowest payment, rates, and closing cost.
How to protect your credit score when buying a home?
It is very important that you do not make any large purchases that will increase your monthly debt obligations.
When you obtain a lender pre approval to purchase a home, the lender calculates your payment and determines your ability to repay based on your monthly income and monthly debt obligations.
If you increase your monthly debt payments, than you may risk loosing your ability to purchase a home.
If you have an essential item that must be purchased while shopping for a home, you must call our licensed loan originator to update your loan approval before you complete the purchase of the item in question.
How to increase your credit rating to get a lower interest rate loan?
When you increase your credit rating the lender will offer you lower rates on your home loan. To see how much money you can save by increasing your credit score use our mortgage calculator and compare the payment on loans with the same loan amount but different rates.
Steps to increase credit rating:
- Keep your credit card balances at 35% of available credit
- Do not allow other companies to frequently pull your credit report
- Make all payments on time
- Talk with our experts to settle old collection accounts
- Do not have to many open lines of credit
When you increase your credit rating, lenders will provide you with lower interest rate loans. When you have a lower interest rate mortgage loan, you will save more money because you will have a lower payment.
Are you looking for more information on mortgage lending and regulations?
These links provided below will give you some exceptional information on mortgage lending regulations, Federal Government Insured Programs like FHA, VA and USDA. We have also included a link to the Consumer Financial Protection Bureau which serves as a regulatory catch all for any consumer concerns and educational needs that relate to mortgage lending and consumer finance.
- Mortgage Lending Resources: This sites can guide you with different eligible mortgage loan programs backed by our Federal government. U.S. Department of Housing and Urban Development HUD.gov Homebuyers Know your Rights, Federal Housing Administration FHA.gov, Veterans Administration VA.gov
- Mortgage Lending Compliance: This site is intended to provide assistance with any concerns you may have with financial service providers. They are also a great source of educating consumers on important financial decisions you may make Consumer Financial Protection Bureau
If you have any questions about obtaining an online mortgage pre approval, or questions about qualifications and loan terms please contact EquiFund's licensed loan originators.
