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If you already know the home you plan to buy
before securing financing, then you will start off directly with an
approval. The difference between a pre-approval and an approval is
that with an approval, you get a loan commitment for a specific home. A
pre-approval is simply a loan commitment for a specific dollar amount, but
not a specific home.
The documents required for an approval are the same as with the
pre-approval, except you would include the copy of the purchase contract
for the initial application. Also, we would collect the full application
fee of $300, instead of breaking it into the two installments.
Frequently Asked
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BancGroup Mortgage Corporation is an Equal Housing Lender and Illinois,
Indiana, Wisconsin, Florida, Michigan, Colorado, and California
Residential Mortgage Licensee