Home Loan Pre-Approval

At Croghan Colonial Bank, we understand that purchasing a home is one of the most important decisions in your lifetime. When you begin the process of purchasing a new home, a pre-approval is not only the first step but also a critical step that can save you time and money.

Getting pre-approved before shopping for a home allows you to understand your financial limit, create a sensible budget and search for homes that meet your budget right from the start. Additionally, being pre-approved can provide you with an advantage over other buyers that are not pre-approved.

To get pre-approved, you will complete a mortgage application and provide the lender with the necessary documentation to perform an analysis of your credit and take an in-depth look at your financial background. Some of these documents include:

• One month's recent pay stubs
• Two months' account statements for assets (checking, savings, money market, CD's, retirement, etc.)
• Last two years W-2 statements
• Two years of income tax returns if self-employed, compensated by commission, or an independent contractor

A pre-approval does not mean that you are guaranteed a mortgage. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, our mortgage expert must review your situation and recalculate your mortgage amount accordingly.