Get Pre-Approved for Your Home Loan

A home buyer's advantage

Pre-approval from Cascade Bank guarantees your conventional mortgage financing and shows your pre-approved credit limit for financing on a single-family, owner-occupied home. Sellers know this means a sale to you will close quickly.

There are two types of “pre” letters:

1. Pre-qualification: This is basically an opinion by a lender that states what they believe they can lend you based on information you told them. This is unverified information and does not guarantee an actual loan. The lender can decide to not give you a loan if later it is discovered that the information you provided was inaccurate. A pre-qualification letter will include a disclaimer stating this is subject to verification of credit, income, employment, assets and satisfactory appraisal.

2. Pre-approval: This is a more serious statement of commitment on the lender's part. The same information is requested, but this time, the information is verified. The document's terms are typically dependent on a satisfactory property appraisal and no changes in your financial position or market conditions. Pre-approval is fast and makes house hunting much easier because you will know how much you can spend. Pre-approval increases your bargaining and negotiating power and lets you focus on the home price range that's right for you.

Applying for a pre-approval is easy!  Just provide the following:

• Loan application
• Most recent pay stub (2 months)
• W-2 forms for the most recent two years
• Copy of last two checking and savings account statements
• Complete personal and/or business tax returns for the last two years
• A current Profit and Loss Statement and Balance Sheet if self-employed

Contact a Cascade Bank loan officer today