There are three types of prequalification:
- Digital Prequalification:
You can submit your information through the prequalification page or have a phone call with your CBI loan officer. Once the information is reviewed, you will be provided with an estimate of the loan amount, interest rates, monthly payments, etc. This takes us approximately 1 business day.
Your CBI loan officer will review through your income documentation and credit report, and provide with an estimate of the loan amount, interest rates, monthly payments, etc. This takes us approximately 2 business days.
The lender has reviewed your complete loan package and confirms the approval and conditions (loan amount, interest rate, monthly payment, etc.). If you are in a sales contract, you are ready to begin the closing process. We recommend the Bank Approval for clients who are confident they are going to purchase a property.