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Why You Should Get Prequalified for a Mortgage




Purchasing a home can be stressful yet exciting. You may have ideals for your dream home, but before you make your vision board a reality, you first need to make sure your finances are in place to be prequalified.

CS Bank has been serving the Arkansas communities of Eureka Springs, Berryville, Holiday Island, Harrison, and Huntsville, as well as the Cassville, Missouri community since 1912. Their commitment to helping customers realize their financial dreams while giving back to the community has been at the core of everything CS Bank does. Let them show you the steps you need to take to ensure your finances are in order so a mortgage lender can secure your prequalification application.

Prequalified

  • A basic initial step where a lender gives you an estimate of how much you might be able to borrow.
  • Based on self-reported financial information (income, assets, and debts).
  • Helps you get a rough idea of your budget but is not a guarantee of loan approval.
  • Less weight when making an offer on a home.

Preapproved

  • A more in-depth process where a lender verifies your financial details.
  • Requires official documentation (pay stubs, tax returns, bank statements).
  • Results in a conditional commitment for a loan amount.
  • Stronger than prequalification—sellers and real estate agents take it more seriously

While preapproved applicants do have the advantage of knowing how much they can spend on a new home, the downside is the hard credit check. CS Bank specializes in prequalified mortgage applications so borrowers can make needed corrections to their credit score for a better rate or even save a little more for a down payment.

 

 

Understanding the Mortgage Application Process

Knowing what to expect during the prequalification process is important so can prepare for when you start to review your financial situation.  CS Bank makes the process very simple by following these steps:

  • Get prequalified
  • Choose which mortgage loan is best for you
  • Submit application (once you’ve ensured finances are in order)
  • Loan is processed and move to settlement

That’s it! No surprise steps, just a straightforward process that makes CS Bank mortgage lenders experts in the Northwest Arkansas and Southwest Missouri areas.

 

Getting Your Finances in Order

Most people dread checking their credit score and reviewing finances in general, but it’s the most important steps to take before you open an application. But not to worry, just take the time to follow these steps in first-time home buyers.

The best way to take stock of your current financial situation is to ask yourself these questions:

  • What is my current monthly take-home income?
  • How much are you comfortable paying monthly for a mortgage?
  • How much can I save for a down payment of at least 20%?
  • What are all of my monthly expenses?

Simply by starting a spreadsheet can help you see your larger financial situation, which will make using the CS Bank mortgage calculator more accurate when you are determining a potential monthly payment. 

Check Your Credit Scores

Knowing those 3 little numbers in your score can make a world of difference in getting preapproved and locking in a great rate. If you are like many people with not the best spending and credit habits, give yourself a few months to do the following:

  • Take care of any delinquent or write-off accounts – these are the worst credit score offenders, and you need make sure they are settled
  • Pay all bills on-time, including paying more that the current due amount – avoid interest charges and reduce amount of used credit
  • Get to a health credit utilization – aim for no more than 30% of available credit, plus the lower your utilization the higher your score

Once you’ve put in the work to get old accounts sorted and utilization under control, pull your credit report. There are several ways to access your reports:

Know your credit score and taking the steps to improve not only help during the prequalification process but could increase available credit to start furnishing your new home! It’s a win-win situation.

Get Ready to Submit Your Prequalification Application

 
The application process does require you to gather a fair amount of information and documentation—but don’t worry. CS Bank is here to guide you every step of the way. We’ll make sure you know exactly what’s needed to keep your application moving forward smoothly. Here are some of the key items you might need to reference as you work on your prequalification application:
  • Photo of all borrower’s driver’s license
  • Recent paystubs
  • List of any real estate owned
  • Reach out to our team with any questions you may have.


 

 

Know the Different Types of Mortgages

Once you’ve gone through the prequalification process, and get approved, it best to know the different types of mortgages to select which is best for your financial situation. As always, a CS Bank mortgage lender can help guide you through the process.

  • Fixed-Rate Mortgage: This is the most popular type of mortgage loan. A fixed rate means the interest rate stays the same for the entire loan term, making it a popular choice for buyers who want a predictable monthly mortgage payment and plan to stay in their homes over the long run.
  • Variable-Rate Mortgage: With this type of home loan, the interest rate can change over time, according to the loan terms. Adjustable-rate mortgages often have an introductory fixed rate that is lower than average, which can be appealing when rates are high or for buyers who expect to sell or refinance before the rate increases.
  • FHA Loan: Backed by the Federal Housing Administration, these mortgage loans are ideal for first-time homebuyers who want to make a lower down payment or who need more flexibility with credit scores.
  • VA Loan: VA loans are a benefit for veterans and active-duty service members. The primary benefits of a VA loan include competitive interest rates, no down payment, and no mortgage insurance requirement.

Time to Start Looking for a Home

If all goes well, and your application is approved, then it’s time to find your dream home! To help you get started, take a look at CS Bank’s Smart House Hunting Tips. Some markets can be very competitive, but that doesn’t mean you need to overbid or compromise. Give yourself the time to do your research, look at several homes, and make an offer only if you feel right.

Start A Preapproval Mortgage Application Today

You’ve gotten your finance in order, gathered needed documents, now all you need to do is complete your prequalified mortgage application!