Atlantic Home Loans FAQ’s
Frequently Asked Questions
You can click on one of the sections to find specific answers or scroll through the FAQs below.
Should I rent or buy a home?
What are the advantages of buying a home?
Which loan is best for me?
Our local loan experts are ready to help! Connect with a loan officer in your area to answer questions or to get started.
What is the difference between pre-qualification and pre-approval?
To get prequalified, you will need to provide the lender with some financial information such as your income and the amount of savings and investments you have. The lender will use this information to estimate how much money we may be able to lend you and therefore the price range of homes you can start looking at. To get prequalified, the lender will request a formal credit check. The estimate of the loan amount provided to you does not guarantee you will ultimately be approved for that amount.
To get pre-approved, however, you will need to provide the lender with financial documents including W-2 statements, paycheck stubs and bank account statements. The lender will use these documents to verify your financial status and request a formal credit check. A pre-approval will help you when shopping for homes because sellers will have more confidence that you will be able to obtain a loan to purchase their house.
How long will it take to get prequalified?
How do I get approved for a mortgage?
After filling out an application with NEXT and pre-approval, you’ll have to provide the following information as directed:
- Pay stubs (last 30 days)
- Two years of W-2s
- Two years of tax returns
- Bank statements from the last two months
- Investment statements
- Proof of where you got money for a down payment, such as bank statements or a statement from someone saying it was a gift
- Proof of identity
- Social security number
Do I need to be pre-approved?
Many real estate agents will be reluctant to show you any properties without a pre-approval letter. A pre-approval letter is typically good for 60 to 90 days. You will also be more confident when negotiating the home price.
Do you sell my loans?
Why must I sign the Disclosure Statement?
Locking in my interest rate and when do I lock?