Pilot Mortgage - Blog #Pre-QualificationPilot Mortgage - Blog #Pre-Qualificationhttps://pilotmortgage.com/blogs/tag/pre-qualificationMon, 09 Mar 2026 04:01:14 -0700http://zoho.com/sites/<![CDATA[0% Down Payment for Purchases]]>https://pilotmortgage.com/blogs/post/0-down-payment-for-purchases0% Down Payment Assistance - No Monthly Payments and No Interest.]]>

Time to buy a house. No Money for Down Payment. No Problem.

Simply put, qualified borrowers receive a 3% down payment assistance loan, up to $15,000. This allows you to get into a home right now with no down payment.

Here's how it works:

  • First lien mortgage meets LTV requirements
  • A second lien mortgage for 3% of the purchase price is provided, up to $15,000
  • Second lien has no monthly payment requirement and no interest
  • Second lien balance is due when the first lien loan is refinanced or paid off, whichever comes first
  • Payments on the second lien can be made throughout the loan term, but are not required
  • At least one borrower must be a first-time homebuyer and meet HomeOne® and UW’s guideline requirements
    • First-time homebuyer is defined as someone who has not had ownership interest in a home in the last 3 years
    • 700+ FICO and LTV must be greater than 95%, up to 97%

0% Down Purchase is a down payment assistance program that allows borrowers to receive a 3% loan up to $15,000. Borrowers will have no required monthly payment on the second lien and the second lien does not accrue interest. The second lien is due in full as a balloon payment upon refinance of the 1st lien, a payoff or the final payment of the amortization schedule of the 1st lien.

Benefits

  • Allows you to get into a home quicker without a down payment.
  • Allows you to use additional funds for home repairs or emergency savings.
  • These loans follow either Home Possible® or HomeOne® guidelines, so they can take advantage of LLPA caps. The caps make it easier for underserved borrowers to achieve homeownership. Call Pilot Mortgage to discuss: 480-573-6913.
  • This program can help borrowers, real estate agents and mortgage originators by offering an additional affordability product.
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]]>Thu, 16 May 2024 14:13:23 -0700<![CDATA[How do I get a free copy of my credit reports?]]>https://pilotmortgage.com/blogs/post/how-do-i-get-a-free-copy-of-my-credit-reportsFree Copy of Your Credit Report.]]>

Where can I get a credit report?

You have the right to request one free copy of your credit report each year from each of the three major consumer reporting companies (Equifax, Experian and TransUnion) by visiting AnnualCreditReport.com. You may also be able to view free reports more frequently online.

About this Link: AnnualCreditReport.com

AnnualCreditReport.com is the official site to get your free annual credit reports. This right is guaranteed by Federal law. You can verify this is the official site by visiting the CFPB's website.

Don't be fooled by look-alike sites. You can be sure that you are on the right site if you type www.AnnualCreditReport.com in your browser address line. Don't come to this site by clicking on a link in another site or in an email.

This site is maintained by Central Source, LLC. Central Source, LLC is sponsored by Equifax, Experian and TransUnion so you have a single site where you can ask for all three of your free credit reports.

Where can I get a credit report?

You can request and review your free report through one of the following ways:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281


You can request all three reports at once or you can order one report at a time. By requesting the reports separately (for example, one every four months) you can monitor your credit report throughout the year. Once you’ve received your annual free credit report, you can still request additional reports. By law, a credit reporting company can charge no more than $14.50 for a credit report.


You may be able to view free credit reports more frequently online. When you visit AnnualCreditReport.com , you may see steps to view your updated credit reports at no cost, online. This gives you a greater ability to monitor changes in your credit. If needed, you can also ask whether your credit report is available in your preferred language.


You are also eligible for reports from specialty consumer reporting companies. We put together a list that includes several of these companies so you can see which ones might be important to you. You have to request the reports individually from each of these companies. Most of the companies in this list provide a report for free every 12 months. Other companies may charge you a fee for your report.

How can I get additional free credit reports?

You can get additional free reports if any of the following apply to you:

  • You received a notice that you were denied credit, insurance, or employment or experienced another “adverse action” based on a credit report. In this case, you have a right to a free report from the credit reporting company identified in the notice. To get the free report you must request it within 60 days after you receive the notice. Other types of “adverse action” notices you might receive include notice of an unfavorable change in the terms or amount of your credit or insurance coverage, or unfavorable changes in the terms of your employment or of a license or other government benefit.
  • You believe your file is inaccurate due to fraud.
  • You have requested a credit report from a nationwide credit reporting company in connection with placing of an initial fraud alert on your credit file (you may request two free copies for an extended fraud alert).
  • You are unemployed and intend to apply for employment within 60 days from the date of your request.
  • You are a recipient of public welfare assistance.
  • Your state law provides for a free credit report.

Still have questions about credit reports and scores?

Call us at: 480-320-2322. 

We are here to help you better understand them, learn how to correct errors, and improve your credit record over time.

]]>Sat, 16 Mar 2024 13:20:00 -0700<![CDATA[Comparing Loan Offers in Chandler: A Step-by-Step Guide]]>https://pilotmortgage.com/blogs/post/Compare-Loan-Offers-in-ChandlerOnce you’ve found the perfect home in Chandler and made an offer, it’s crucial to secure the right mortgage to complete the purchase. Here's what you ]]>

After Making an Offer on a Chandler Home: Your Next Steps


Once you’ve found the perfect home in Chandler and made an offer, it’s crucial to secure the right mortgage to complete the purchase. Here's what you need to know about comparing loan offers:

Setting Your Goals for Comparing Loan Options

Before diving into the process of comparing loan offers, it's essential to establish your goals. Consider factors such as:

  • Interest Rates: Determine your desired interest rate range and monthly payment budget.

  • Loan Terms: Decide on the loan term that aligns with your financial goals, whether it's a 15-year, 20-year, or 30-year mortgage.

  • Down Payment: Evaluate how much you can afford for a down payment and how it impacts your loan options.

Opinion

Opinion: How to Compare Loan Offers - Gordon Goosen

Assumptions: Talk to Mortgage Loan Originators and provide them with enough information that they would be able to lock in a rate on a minute's notice. The Loan Terms are exactly the same.


Compare:

1. Cash to Close at the Closing Table (with consideration of your Earnest Money Deposit)

2. Monthly payment (excluding HOA, Property Tax and Homeowner's Insurance) Do include: Principal and Interest and Monthly Mortgage Insurance

3. Principal balance of your mortgage after 5 years and 10 years.

Opinion

Request Loan Estimates from Multiple Lenders

To ensure you're getting the best deal possible, it's crucial to shop around and request loan estimates from several lenders. Be sure to provide each lender with the same information to facilitate accurate comparisons. Key elements to consider in each loan estimate include:

  • Interest Rates: Compare the interest rates offered by different lenders and identify any variations.

  • Closing Costs: Evaluate the closing costs associated with each loan offer, including origination fees, appraisal fees, and title insurance.

  • Loan Terms: Review the terms of each loan, including the duration, type (fixed-rate or adjustable-rate), and any prepayment penalties.

Comparing Offers and Fine-Tuning Your Options

Once you've gathered loan estimates from multiple lenders, it's time to compare them side by side. Consider the following factors when evaluating each offer:

  • Total Loan Costs: Look beyond the interest rate and assess the total cost of each loan over its lifetime, including both principal and interest payments.

  • Annual Percentage Rate (APR): The APR provides a comprehensive view of the loan's cost by factoring in both the interest rate and any additional fees.

  • Loan Features: Pay attention to any special features or benefits offered by each loan, such as rate lock options, flexible payment schedules, or down payment assistance programs.

Choosing the Right Loan Offer

After thorough comparison and analysis, it's time to select the loan offer that best aligns with your financial goals and preferences. Consider factors such as affordability, long-term financial stability, and the lender's reputation and customer service.


By following these steps and taking the time to compare loan offers in Chandler, you can make an informed decision that sets you up for success in your homeownership journey.

Why Choose Pilot Mortgage?

When comparing loan offers in Chandler, Pilot Mortgage emerges as a standout choice for several compelling reasons. With a reputation for transparency, reliability, and personalized service, Pilot Mortgage goes above and beyond to meet the unique needs of every client. Their team of experienced professionals not only provides competitive interest rates and loan terms but also offers invaluable guidance and support throughout the entire mortgage process. Additionally, Pilot Mortgage distinguishes itself with streamlined processes, cutting-edge technology, and a commitment to delivering a seamless borrowing experience. By choosing Pilot Mortgage, shoppers can rest assured that they're partnering with a trusted lender dedicated to helping them achieve their homeownership goals with confidence and peace of mind.

Get Started Now
]]>Sun, 25 Feb 2024 15:45:49 -0700<![CDATA[What is a 2-1 Buydown?]]>https://pilotmortgage.com/blogs/post/what-is-a-2-1-buydownIn the conventional mortgage world, a 2-1 buydown is a type of mortgage financing arrangement that involves temporary interest rate reductions for the ]]>

Explanation of a 2-1 Interest Rate Buydown

In the conventional mortgage world, a 2-1 buydown is a type of mortgage financing arrangement that involves temporary interest rate reductions for the borrower during the initial years of the loan. This arrangement is often used to make homeownership more affordable for borrowers, especially in the early years of the mortgage.

Here's how a 2-1 buydown typically works:

1. First Year (Year 1):  In the first year of the mortgage, the borrower enjoys a reduced interest rate. In the case of a 2-1 buydown, this reduced rate is usually 2 percentage points below the actual interest rate specified in the loan agreement.

2. Second Year (Year 2):  In the second year, the interest rate increases by 1 percentage point compared to the initial reduced rate. It is now 1 percentage point below the original interest rate.

3. Remaining Years (From Year 3 onward):  From the third year onward, the interest rate remains constant at the originally agreed-upon rate specified in the mortgage contract. This rate is usually higher than the rates experienced in the first two years.

The purpose of the buydown is to provide borrowers with a gradual transition into higher mortgage payments. This can be particularly beneficial for individuals who anticipate an increase in income over the initial years of homeownership. By starting with lower payments that gradually increase, borrowers may find it easier to manage their finances.


It's important for borrowers to carefully review the terms of the buydown arrangement, including the specific interest rates for each year and how they will be adjusted. Additionally, borrowers should consider their financial situation and whether they expect changes in income that would align with the increasing payment structure of the buydown.


Does a 2 - 1 Interest Rate Buydown Help the Seller?

A 2-1 buydown primarily benefits the buyer rather than the seller. It is a financing arrangement designed to make homeownership more affordable for the borrower during the initial years of the mortgage. This type of buydown allows the borrower to start with lower monthly mortgage payments that gradually increase over time.

While the 2-1 buydown can make the property more attractive to potential buyers by offering lower initial payments, it doesn't directly provide financial advantages to the seller. Sellers might find it beneficial in the sense that it could attract more potential buyers, especially those who are initially concerned about the affordability of homeownership.

In a competitive real estate market, offering financing options like a 2-1 buydown might make a property stand out and potentially lead to a quicker sale. However, it's crucial to note that the financial impact on the seller is indirect, and the primary advantage is perceived by the buyer who benefits from lower initial mortgage payments.

Ultimately, the decision to offer a 2-1 buydown or similar financing options rests with the seller and their real estate agent. It's important for sellers to carefully consider the market conditions, buyer demographics, and their own financial goals when deciding on such incentives.

Keep in mind that mortgage terms can vary, and it's advisable for borrowers to consult with a mortgage professional to fully understand the implications and benefits of a 2-1 buydown in their specific situation.
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]]>Mon, 22 Jan 2024 09:37:36 -0700<![CDATA[Read Martin Luther King Jr.'s "I Have a Dream" speech in its entirety]]>https://pilotmortgage.com/blogs/post/Mortgage-Pricing-Special-Today-ONLYRev. Martin Luther King Jr.:  Five score years ago, a great American, in whose symbolic shadow we stand today, signed the Emancipation Proclamatio ]]>

Dream Mortgage Pricing For Those Who Apply Today

Rev. Martin Luther King Jr.: Five score years ago, a great American, in whose symbolic shadow we stand today, signed the Emancipation Proclamation. This momentous decree came as a great beacon light of hope to millions of Negro slaves who had been seared in the flames of withering injustice. It came as a joyous daybreak to end the long night of their captivity.


But 100 years later, the Negro still is not free. One hundred years later, the life of the Negro is still sadly crippled by the manacles of segregation and the chains of discrimination. One hundred years later, the Negro lives on a lonely island of poverty in the midst of a vast ocean of material prosperity. One hundred years later the Negro is still languished in the corners of American society and finds himself in exile in his own land. And so we've come here today to dramatize a shameful condition. In a sense we've come to our nation's capital to cash a check.


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When the architects of our republic wrote the magnificent words of the Constitution and the Declaration of Independence, they were signing a promissory note to which every American was to fall heir. This note was a promise that all men — yes, Black men as well as white men — would be guaranteed the unalienable rights of life, liberty and the pursuit of happiness.

It is obvious today that America has defaulted on this promissory note insofar as her citizens of color are concerned. Instead of honoring this sacred obligation, America has given the Negro people a bad check, a check which has come back marked insufficient funds.


But we refuse to believe that the bank of justice is bankrupt.


You May Wonder, What is the Special Pricing?

HINT: 1,579 Words in Speech


We refuse to believe that there are insufficient funds in the great vaults of opportunity of this nation. And so we've come to cash this check, a check that will give us upon demand the riches of freedom and the security of justice.


We have also come to his hallowed spot to remind America of the fierce urgency of now. This is no time to engage in the luxury of cooling off or to take the tranquilizing drug of gradualism.


Now is the time to make real the promises of democracy. Now is the time to rise from the dark and desolate valley of segregation to the sunlit path of racial justice. Now is the time to lift our nation from the quick sands of racial injustice to the solid rock of brotherhood. Now is the time to make justice a reality for all of God's children.

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It would be fatal for the nation to overlook the urgency of the moment. This sweltering summer of the Negro's legitimate discontent will not pass until there is an invigorating autumn of freedom and equality. 1963 is not an end, but a beginning. Those who hope that the Negro needed to blow off steam and will now be content will have a rude awakening if the nation returns to business as usual.


There will be neither rest nor tranquility in America until the Negro is granted his citizenship rights. The whirlwinds of revolt will continue to shake the foundations of our nation until the bright day of justice emerges.


But there is something that I must say to my people who stand on the warm threshold which leads into the palace of justice. In the process of gaining our rightful place, we must not be guilty of wrongful deeds. Let us not seek to satisfy our thirst for freedom by drinking from the cup of bitterness and hatred.


We must forever conduct our struggle on the high plane of dignity and discipline. We must not allow our creative protest to degenerate into physical violence. Again and again, we must rise to the majestic heights of meeting physical force with soul force. The marvelous new militancy which has engulfed the Negro community must not lead us to a distrust of all white people, for many of our white brothers, as evidenced by their presence here today, have come to realize that their destiny is tied up with our destiny.


And they have come to realize that their freedom is inextricably bound to our freedom. We cannot walk alone. And as we walk, we must make the pledge that we shall always march ahead. We cannot turn back.


There are those who are asking the devotees of civil rights, when will you be satisfied? We can never be satisfied as long as the Negro is the victim of the unspeakable horrors of police brutality. We can never be satisfied as long as our bodies, heavy with the fatigue of travel, cannot gain lodging in the motels of the highways and the hotels of the cities.


We cannot be satisfied as long as the Negro's basic mobility is from a smaller ghetto to a larger one. We can never be satisfied as long as our children are stripped of their selfhood and robbed of their dignity by signs stating: for whites only.


We cannot be satisfied as long as a Negro in Mississippi cannot vote and a Negro in New York believes he has nothing for which to vote.


No, no, we are not satisfied, and we will not be satisfied until justice rolls down like waters, and righteousness like a mighty stream.


I am not unmindful that some of you have come here out of great trials and tribulations. Some of you have come fresh from narrow jail cells. Some of you have come from areas where your quest for freedom left you battered by the storms of persecution and staggered by the winds of police brutality. You have been the veterans of creative suffering. Continue to work with the faith that unearned suffering is redemptive. Go back to Mississippi, go back to Alabama, go back to South Carolina, go back to Georgia, go back to Louisiana, go back to the slums and ghettos of our Northern cities, knowing that somehow this situation can and will be changed.


Let us not wallow in the valley of despair, I say to you today, my friends.


So even though we face the difficulties of today and tomorrow, I still have a dream. It is a dream deeply rooted in the American dream. I have a dream that one day this nation will rise up and live out the true meaning of its creed: We hold these truths to be self-evident, that all men are created equal.


I have a dream that one day on the red hills of Georgia, the sons of former slaves and the sons of former slave owners will be able to sit down together at the table of brotherhood.


I have a dream that one day even the state of Mississippi, a state sweltering with the heat of injustice, sweltering with the heat of oppression will be transformed into an oasis of freedom and justice.


I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character. I have a dream today.


I have a dream that one day down in Alabama with its vicious racists, with its governor having his lips dripping with the words of interposition and nullification, one day right down in Alabama little Black boys and Black girls will be able to join hands with little white boys and white girls as sisters and brothers. I have a dream today.


I have a dream that one day every valley shall be exalted, every hill and mountain shall be made low, the rough places will be made plain, and the crooked places will be made straight, and the glory of the Lord shall be revealed, and all flesh shall see it together.


This is our hope. This is the faith that I go back to the South with. With this faith, we will be able to hew out of the mountain of despair a stone of hope. With this faith we will be able to transform the jangling discords of our nation into a beautiful symphony of brotherhood. With this faith we will be able to work together, to pray together, to struggle together, to go to jail together, to stand up for freedom together, knowing that we will be free one day.


This will be the day when all of God's children will be able to sing with new meaning: My country, 'tis of thee, sweet land of liberty, of thee I sing. Land where my fathers died, land of the pilgrims' pride, from every mountainside, let freedom ring.


And if America is to be a great nation, this must become true. And so let freedom ring from the prodigious hilltops of New Hampshire. Let freedom ring from the mighty mountains of New York. Let freedom ring from the heightening Alleghenies of Pennsylvania. Let freedom ring from the snowcapped Rockies of Colorado. Let freedom ring from the curvaceous slopes of California. But not only that, let freedom ring from Stone Mountain of Georgia. Let freedom ring from Lookout Mountain of Tennessee. Let freedom ring from every hill and molehill of Mississippi. From every mountainside, let freedom ring.


And when this happens, and when we allow freedom ring, when we let it ring from every village and every hamlet, from every state and every city, we will be able to speed up that day when all of God's children, Black men and white men, Jews and Gentiles, Protestants and Catholics, will be able to join hands and sing in the words of the old Negro spiritual: Free at last. Free at last. Thank God almighty, we are free at last.

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Elvis Presley - If I Can Dream ('68 Comeback Special)

Lyrics: [Verse 1] There must be lights burning brighter somewhere Got to be birds flying higher in a sky more blue If I can dream of a better land, where all my brothers walk hand in hand Tell me why, oh why, oh why can't my dream come true, oh why 


[Verse 2] There must be peace and understanding sometime Strong wind of promise that will blow away the doubt and fear If I can dream of a warmer sun, where hope keeps shining on everyone Tell me why, oh why, oh why won't that sun appear


[Bridge] We're lost in a cloud with too much rain We're trapped in a world that's troubled with pain But as long as a man has the strength to dream He can redeem his soul and fly (He can fly) 


[Verse 3] Deep in my heart, there's a trembling question Still, I am sure that the answer's... answer's gonna come somehow Out there in the dark, there's a beckoning candle, yeah And while I can think, while I can talk, while I can stand, while I can walk While I can dream, oh, please let my dream come true, oh, right now .

[Outro] Let it come true right now Oh, yeah

]]>Mon, 15 Jan 2024 10:53:20 -0700<![CDATA[6.699% VA Pricing as of 11/14/2023]]>https://pilotmortgage.com/blogs/post/veterans-benefits-administration-release-9-302022The Loan Guaranty Program was originally part of a national effort to move from a wartime economy to a peacetime economy and to avoid the economic rec ]]>

$3,179.11 P&I - 800 Score - Disabled Veteran - $500,000 Purchase Price

Click Here for REAL numbers - Cash to Close - Rate/APR

The Loan Guaranty Program was originally part of a national effort to move from a wartime economy to a peacetime economy and to avoid the economic recession historically associated with postwar periods. The program was one of the innovations advanced by the Servicemen’s Readjustment Act of 1944 (PL 78- 346), known as the GI Bill of Rights. By providing loan guaranties, the government could aid Veterans in their efforts to readjust to civilian life. 


There are two types of guaranteed loans: purchase and refinance. A purchase loan is used to obtain a home. The other loan type is a refinance, and there are two kinds of refinance loans: interest rate reduction and other refinance (i.e., cash-out refinancing). Interest rate reduction is typically the most common reason for refinancing a loan, however in FY 2022, cash-out refinancing was the most common reason.

                                               

The objective of the VA Home Loan Guaranty program is to help eligible Veterans, active-duty personnel, surviving spouses, and members of the Reserves and National Guard purchase, retain, and adapt homes in recognition of their service to the Nation. 




Current Benefits 


VA home loans may be used to: 


• Purchase a home; 

• Purchase a residential unit in certain condominium projects; 

• Build a home; 

• Refinance an existing home loan; or 

• Improve a home by installing solar heating or other energy conservation measures.


Contact Information


Gordon Goosen

Mortgage Loan Originator

US Army (R)

480-320-2322 x100

gordon@pilotmtg.com

ACCESS THE VA HOME LOAN REPORT
Get Started Now - Apply Online

Gordon@PilotMtg.com

]]>Tue, 14 Nov 2023 17:21:55 -0700<![CDATA[5 Reasons Why Buying a Home is Better than Renting]]>https://pilotmortgage.com/blogs/post/5-reasons-why-buying-a-home-is-better-than-renting

Choosing to buy or rent a home is a big decision. For a lot of people, owning a home is worth it because it gives a sense of security and stability that renting won’t bring.

Renters do not have the opportunity to make long-term investments in their property, which will appreciate over time and increase their net worth. On the other hand, owning a home can have a lot of benefits. Homeowners get to capitalize on their home’s equity, which accumulates over time. They also get to enjoy tax deductions on mortgage interest payments and other homeowner expenses. Paying off your home will also enable you to live mortgage-free, and this will support a comfortable retirement. Someday, your home will be worth more than what you paid for it, and if you decide to sell, you’ll cash in on your home’s higher value. You may also have the potential of having a passive income in the future, if that is the route you want to take.

If you are on the wrong side of the block wall debating whether it’s best to buy or rent your next house, read on. Below are some of the major reasons why buying a home is better than renting.

1. Long-term, buying is cheaper than renting

Rent is money that you cannot take back. When you are renting a home, you are making monthly payments for a property that you don’t own, which means that you don’t build equity.

A home is a major purchase and can be initially expensive, but if you consider the fees that come with renting, buying and owning a home will ultimately be cheaper.

In a lot of cases, buying a home can be comparable in cost to renting, considering the rates. And of course, paying off a property that you own is way better than paying off someone else’s asset.

2. Buying a home allows you to build wealth over time

Having a house of your own is a smart way to build lifelong wealth. A home is a valuable asset – worth more than just simply having a place to live in.

Real estate properties have been known to increase its value over time or appreciate. No other asset can build your wealth more consistently. When you rent, you are building your landlord’s wealth, and not your own.

Combined with leverage, real estate appreciation can offer big returns. For instance, if you purchase a property worth $300,000 and it appreciates to $320,000, you have already made a 10% return on your property.

3. Buying a home lets you lower your living expenses significantly in the long run

For a lot of people, the idea of living mortgage-free or rent-free someday is very attractive. This is not something that you will be able to do if you are renting a home.

Of course, you will still need to be responsible for paying property taxes and insurance, but that is a minimal expense compared to the costs of renting a home.

Get approved to refinance.

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4. You have all the power to make it your own

Do you have a bathroom or kitchen that is in need of an update or a refresh? It’s your call – if the house is yours.

Owning a home allows you to do whatever you like with it – from repainting the walls to full remodels. The flexibility that purchasing your own home provides is a seriously appealing aspect to many. If you own your home, you have the freedom and full control to do what you want with it without having to worry about extra fees, lease contracts, terms, and other costs associated with renting.

5. Buying a home gives you stability

Many homeowners will agree that the privacy, peace, and stability of owning a home is beyond price. Purchasing a house means that your children will always have a place to call their own, the opportunity to go to school in a good district, and friends who live nearby.

 

As you can see, there are many reasons why buying a home is better than renting. Not only does it help you save on rental costs and help build your net worth, purchasing a home empowers you and your family and gives you the stability that you need to create lasting memories as you build a life together.

If you are looking for new homes for sale in Arizona, get in touch. 

480-699-9685

Gordon Goosen

Gordon Goosen is a Mortgage Loan Originator for Pilot Mortgage and has owned mortgage banking and mortgage brokering firms.  He holds a two bachelor’s degrees, one in Economics with an emphasis in Business and the other in Agriculture with an emphasis in Business from South Dakota State University.  Gordon is also a Veteran, Major (R) in the US Army, served for over 21 years.

]]>Thu, 01 Dec 2022 21:14:38 -0700<![CDATA[How to Get a Mortgage Preapproval]]>https://pilotmortgage.com/blogs/post/mortgage-preapproval-chandlerMortgage preapproval is the process of determining how much money you can borrow to buy a home. To preapprove you, lenders look at your income, assets and credit score and determine what loans you could be approved for, how much you can borrow and what your interest rate might be.]]>

How to Get a Mortgage Preapproval in Chandler

A preapproval is a great first step toward buying a home. Once your financial information is verified, you'll have a clear idea of how much home you can afford. Getting preapproved before you start your house hunt benefits everyone involved.

What is a Mortgage Preapproval?

Mortgage preapproval is the process of determining how much money you can borrow to buy a home. To preapprove you, lenders look at your income, assets and credit score and determine what loans you could be approved for, how much you can borrow and what your interest rate might be.

Preapproval Vs. Prequalification

Preapproval and prequalification are both ways of understanding how much you’ll be able to get approved for. There are some slight differences between these two processes, though some lenders use these terms interchangeably.


A mortgage prequalification is like a preapproval, but it may not be as accurate. With a prequalification, you won’t have to provide as much information about your finances, and your lender won’t pull your credit.


Without your credit report, your lender can only give you estimates. This means the approval amount, loan program and interest rate might change as the lender gets more information. Because a prequalification is an initial review of your finances, you usually don’t need to supply documentation (like bank statements and pay stubs) during this stage.


Preapprovals are more in-depth than pre-qualifications. When you get preapproved, you may be required to provide information or documents like bank statements and pay stubs to prove your income and the funds you’re using to get the loan. A preapproval will also require a hard credit check so your lender can get your credit score and see how much other debt you have.

Preapproval Vs. Approval

A preapproval is helpful when you’re shopping for a home, but you’ll need to get a full approval once you find your home, and simply gettinga preapproval before you start looking at properties For your lender, this process includes making sure the property details check out.

Here are a few property details your lender will need to approve:

  • The appraisal value: Your lender will order an appraisal of the home to make sure you’re not paying more for the home than it’s actually worth. An appraisal that comes back lower than the purchase price could pose problems for your loan.
  • The title: Your lender will work with a title company to confirm who owns the property and make sure there are no claims or liens against it.
  • The home’s condition: Some loans require that the property meets certain standards before the loan can close. For instance, if you’re purchasing the home with an FHA loan, things like cracked windows, missing handrails or a roof in poor condition could keep the loan from closing.

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How To Get Preapproved For A Mortgage

Collect Your Documentation

Before you’re preapproved for a home loan, work with your lender to verify your financial information and obtain a loan estimate. Let’s walk through each of the steps and review the parts of the process you’ll be responsible for.

The preapproval process is essentially a mortgage application. This means your lender or loan officer will want to take a comprehensive look at your finances. You should be prepared to provide information on the following:

  • Proof of income
  • Employment verification
  • Proof of assets
  • Credit history
  • Identification
  • Debt-to-income ratio (DTI)

Before starting the preapproval process, you'll want the necessary documentation to ensure the process goes smoothly. Here are a few items you should have on your mortgage preapproval checklist:

  • W-2 statements
  • Pay stubs
  • Bank statements
  • License
  • Social Security number

Once you've submitted all your information to the lender, you can expect to receive your loan estimate within 3 business days, though this may be much shorter if you use an online mortgage lender. The loan estimate will let you know whether you've been preapproved and for how much.

Know When To Get Preapproved

Preapproval isn't just for your lender. Knowing how much mortgage you can expect to take out is also highly beneficial to you as a buyer, and it can help you narrow down and focus on your best options.


That means the best time to get preapproved is at the start of your home buying journey. If you know you're in the market for a new home, apply for preapproval now to get an early picture of your mortgage options and show agents you're a serious buyer.

Get Your Credit Score Checked

Preapproval usually requires a hard inquiry into your credit. While this may cause your credit score to drop slightly, getting preapproved won’t hurt your credit in a significant way. Subsequent inquiries from other mortgage lenders within the same time period (usually about 45 days) won't affect your score at all.

Receive Your Mortgage Preapproval Letter

When you get preapproved, you usually get a preapproval letter. There are a few reasons the preapproval letter is important. First, real estate agents typically want to see your preapproval letter before they show you houses. This ensures they don’t waste time showing you homes outside your budget.


Second, the preapproval letter is something you can share with the home’s seller when you make an offer. It shows you won’t have problems getting financed for the amount you’re offering.

Understand How Long Preapproval Lasts

Preapproval doesn't last forever. Check your expiration date and keep it in mind as you look at homes. Though it varies from lender to lender, preapproval is typically valid for 60 – 90 days. If you haven't settled on a house, you can request a renewal by giving your lender your most up-to-date financial and credit information.

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Mortgage Preapproval FAQs

How long does preapproval last?

​​Preapproval doesn't last forever. Check your expiration date and keep it in mind as you look at homes. Though it varies from lender to lender, preapproval is typically valid for 60 – 90 days. If you haven't settled on a house, you can request a renewal by giving your lender your most up-to-date financial and credit information.

Why should I get preapproved?

If a preapproval doesn’t get you a loan right away, why get one? Preapprovals have several benefits:

It's easier to shop:

Many real estate agents require you to get preapproved before you shop for a home. Preapprovals make the house hunting process easier for you and your real estate agent.

It makes your offer stronger:

If you’re shopping in a competitive housing market, a preapproval can be crucial to getting your offer accepted. Sellers aren’t just looking for the highest offer. They’re also looking for offers that aren’t likely to fall through. A preapproval tells buyers you can get financed for the amount you’ve offered.

It gives you time to sort out issues:

There are reasons both buyers and sellers may need to get to closing fast. Getting preapproved means you’re getting the bulk of the mortgage process done upfront. That way, once you’ve had an offer accepted, you can just focus on getting ready for your move.

What factors are considered for preapproval?

In addition to considering your credit score, lenders will want to verify your employment and income. They’ll also be considering your debt-to-income ratio (DTI), which is a calculation of your total monthly debts, divided by your monthly income. This ratio, expressed as a percentage, helps lenders make sure you have enough income to reasonably cover your debts.

The exact DTI needed for mortgage approval varies by loan type. But generally speaking, you’ll want your debt-to-income ratio to be 50% or lower.

Get Preapproved Online

If you’re looking to get approved for a mortgage, Pilot Mortgage® can help. Pilot Mortgage offers a couple of different approval options:

Get Preapproved Online

Our Prequalified Approval is the fastest way to get approved with Pilot Mortgage in Chandler .

Simply apply online and allow us to check your credit. You won’t be required to provide any documents, but you should come prepared with information about your income and assets. You’ll have the option to sync your application with your bank accounts so we’ll know exactly how much you have available for your down payment and closing costs.

Our Verified Approval is a great way to strengthen your offer.

To get one, you’ll need to apply with Pilot Mortgage and then contact a Home Loan Expert. We’ll do a full verification of your income, assets and credit so sellers can be certain you won’t run into financing issues. To get started with either approval option, apply now on Pilot Mortgage.


Here is how it works:

Step 1: Apply and Check Your Credit

Our online application asks you a series of questions to evaluate your eligibility for a home loan. You’ll give us information about yourself, the home you want to buy, your income and your assets. From there, we’ll check your credit so we can offer you accurate mortgage solutions.

Let's Get Started

Step 2: See and Customize Your Mortgage Solutions

See your recommended mortgage solutions and adjust your numbers to fit your budget. This is where you’ll see how much we can approve you for, as well as recommended types of home loans, down payments, monthly payments and interest rates.

Step 3: Get Your Approval Letter

Once you’ve chosen your mortgage option, you can see if you’re approved for it. From there, we’ll give you a Prequalified Approval Letter that you can use to shop for homes. For an even stronger approval, you can contact a Home Loan Expert to get a Verified Approval.

Bottom Line on Getting Mortgage Preapproved in Chandler

A preapproval is a great first step toward buying a home. Once your financial information is verified, you'll have a clear idea of how much home you can afford. Getting preapproved before you start your house hunt benefits everyone involved.

To get started, apply online now with Pilot Mortgage.

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Gordon Goosen

Gordon Goosen is a Mortgage Loan Originator for Pilot Mortgage and has owned mortgage banking and mortgage brokering firms.  He holds a two bachelor’s degrees, one in Economics with an emphasis in Business and the other in Agriculture with an emphasis in Business from South Dakota State University.  Gordon is also a Veteran, Major (R) in the US Army, served for over 21 years.

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