A mortgage prequalification letter is a simple and easy tool to understand your buying power when it comes to owning a home. Watch our first of three videos above as we break down the ins and outs of a prequal letter, then follow up with parts two and three.
Our mortgage prequalification letter is backed by superior service, a combination of digital and in-person help, and much more. Watch our second video in this series to learn more.
Watch Part 2
In our final video discussing mortgage prequalification letters, we dive into the simple steps to apply for your own prequal letter and how we form relationships with our customers to extend past the closing date.
Watch Part 3
[Image of an African American couple having coffee on a couch surrounded by moving boxes.]
[First American Bank logo]
[On screen text: Prequalification Letter An Introductory Breakdown]
[Video continues with Jim Schiro sitting behind a desk facing the camera]
[On screen text: First American Bank - Jim Schiro – Mortgage Channel Sales Manager]
Jim: Whether you're an experienced buyer or in the market for your first home, getting a mortgage prequalification letter is crucial. It's one of the very first steps you can take on your journey to becoming a homeowner. A prequalification letter is a letter from your potential lender that specifies how much money they are provisionally willing to lend you. It is based on high-level financial review and does not guarantee a mortgage itself.
But it does do two things at once. It helps you figure out how much borrowing power you have, and it shows the sellers' realtors and their clients that that you’re able to afford their listings and they can be assured that working with you makes sense.
In other words, a prequal letter demonstrates a buyer's credibility, often serving as a ticket to entry. Stay tuned for our next two videos where we will talk about how we make sure every customer's financial journey is solely unique to them and how to properly apply for your own prequal letter.
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[www.firstambank.com]
[(847) 952-3700]
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[Subject to credit approval. A mortgage prequalification letter is based on high-level financial information obtained from a credit report and does not guarantee a mortgage itself.]
[Member FDIC logo – Equal Housing Lender logo]
[Image of an African American couple having coffee on a couch surrounded by moving boxes.]
[First American Bank logo]
[On screen text: Prequalification Letter. Why Choose First American Bank?]
[Video continues with Kelly Brizzolara sitting behind a desk facing the camera]
Kelly: In our first video, we learned the basics of a prequalification letter.
[On screen text: First American Bank - Kelly Brizzolara – Retail Loan Officer]
Kelly: What’s not-so-basic is our way of helping you and your financial goals. Establishing a strong relationship with your lender is very important and applying for a prequal letter is a great way to get started.
At First American Bank, we always take a personalized approach to the prequalification process. New homeowners get in-person, over-the-phone or online service no matter where they are on their homebuying journey, thanks to our customized approach where every lender is passionate about the successes of their client.
We know that not every homebuying process looks the same and that is why we put emphasis on determining the right terms and assessing a buyer’s borrowing potential. We do this with careful consideration and a personal touch.
Our lenders are readily available to sit down and explain the ins and outs of financing your home to make you feel secure and get you ready to be a homeowner.
Watch our final video in this series to see where to get started.
[On screen: Connect With Us - First American Bank logo]
[www.firstambank.com]
[(847) 952-3700]
[Facebook – Instagram – Twitter and LinkedIn logos]
[Subject to credit approval. A mortgage prequalification letter is based on high-level financial information obtained from a credit report and does not guarantee a mortgage itself.]
[Member FDIC logo – Equal Housing Lender logo]
[Image of an African American couple having coffee on a couch surrounded by moving boxes.]
[First American Bank logo]
[On screen text: Prequalification Letter. Prequalification Letter Applying for One and What Happens After]
[Video continues with Danny Galvez sitting behind a desk facing the camera]
[On screen text: First American Bank - Danny Galvez – Mortgage Loan Officer]
Danny: Thanks to the last two videos, we now know what a prequalification letter is and how First American Bank is there from the start of your application to the closing of your loan.
To wrap things up, let's walk through how to go about applying for a prequalification letter. You can request a prequal letter from the comfort of your own home, just by visiting our website! To get a prequal letter, you'll need to provide some basic information. This, at minimum, will include your desired mortgage amount or purchase price, your income, permission to pull your credit and a few other things. Your letter is presented to you in PDF form.
A lender is notified of your request and will personally find out where you are at in the overall process and how they can guide you forward. For something as personal as buying a home, you'll want a personalized lending experience. First American Bank is a trusted prequalification partner for homebuyers who want to simplify the buying process, boost their negotiation power, and close on the property of their dreams.
With lenders in Illinois, Wisconsin and Florida that have years of expertise, we have the necessary skills to make buying a home a reality. Every borrower who we work with is encouraged to candidly assess their experience on Google.
See our lenders' reviews on their websites and, at the end, add yours.
We welcome your feedback.
[On screen: Connect With Us - First American Bank logo]
[www.firstambank.com]
[(847) 952-3700]
[Facebook – Instagram – Twitter and LinkedIn logos]
[Subject to credit approval. A mortgage prequalification letter is based on high-level financial information obtained from a credit report and does not guarantee a mortgage itself.]
[Member FDIC logo – Equal Housing Lender logo]
