What a mortgage lender does
A mortgage loan originator, or MLO, is the licensed professional who reviews your finances, explains loan options and guides you from application toward closing. A large part of how calm the process feels depends on clear communication. Any financing is subject to credit approval.
Pre-qualification and pre-approval
A pre-qualification is an initial estimate based on what you tell us. A pre-approval reviews your documents, such as income and credit, and can give more support to an offer. Neither is a final commitment to lend. A letter that has been carefully reviewed is usually more useful than a generic one.
What to ask before you buy
- How will you keep me updated, without my having to chase information?
- Which loan programs may fit my situation, and what documents will you need?
- When will I receive a written Loan Estimate, and can you explain it in plain words?
- What is the plan for dates and pending items as we approach closing?
The free guide walks through these questions in more detail. After you request it, check your email.
General information, not financial or legal advice or a commitment to lend. Programs, rates and requirements change and depend on each case and on credit approval. Equal Housing Opportunity.