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(Pre-qualification provides an estimated building budget for the borrower)
- Verbal - Borrowers verbally provide their loan officer with income and debt information. A building budget amount is given at this time based off of the provided information. Pre-qualification is only as accurate as the information provided by the borrower(s). No application has been taken at this time.
- Credit Report - The documented payment history of anyone issued a line of credit. For example: car loans, student loans, credit cards, etc. We recommend that borrowers allow an American Log Mortgage loan officer to review a credit report at the Pre-Qualification stage. However, it is at the borrower's discretion.
- Time Table - Financing paperwork is recommended to get underway about 60-90 days prior to breaking ground.
- Loan Amount - The loan amount provided in a pre-qualification takes into consideration the construction costs and land acquisition (if applicable). Please be advised that if the loan amount does not cover these expenses, the borrowers need to show the proper assets to cover the difference.
***It is VERY IMPORTANT to note that a pre-qualification is not a mortgage approval. The borrower(s) must make a formal application and an American Home Bank underwriter must issue a mortgage commitment letter that designates approval.***
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