Preapproval

⋅ Informal estimate of what you can afford.

⋅ Based on your self-reported financial information.

⋅ Credit check is required.

⋅ Can be done online or over the phone in a few minutes.

⋅ Ideal for touring available properties and getting an informal estimate of what you can afford.

⋅ More formal estimate of what you can afford.

⋅ Requires a credit check and verification of your financial information.

⋅ Takes a few days to process.

⋅ Ideal for preparing to buy a home and getting a more accurate estimate of what you can afford.

⋅ Shows sellers that you’re a serious buyer.

⋅ Gives you a more accurate idea of what you can afford.

⋅ Can help you close on your home faster.

If you’re just starting to think about buying a home, getting prequalified can be a good first step. This will give you a general idea of what you can afford. It’s not as thorough, but it is quick.

If you’re wanting to take the process a step further, getting preapproved is also a good option but can take a little longer. However, it shows realtors and sellers that you’re a serious buyer.

To get prequalified or preapproved for a mortgage, you can contact Centennial Bank. We can help you understand your options and choose the right mortgage for your needs.