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FAQ (frequently asked questions)
What is the difference between pre-approval and pre-qualification? The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer takes information including your income and based on your credit bureau report issues a "pre-qualification" letter. The pre-approval process includes all of the steps of a full approval, except for the appraisal and title search. Your loan will actually be underwritten and a loan commitment will be issued. A pre-approval can put you in a better negotiating position, much like a cash buyer. Call Main Street Mortgage, Inc. at (630) 529-1009 today to be pre-qualified or to go through the FREE pre-approval process! [ back to top ] What type of loan is the right one for me? This is a great question considering the variety of loan types available today. Your decision depends not only on what type of loan you can get, but also on the type of loan you want. For example, loans such as the FHA program and others allow you to buy a home for little or no money down. But the amount of money you put down on the loan is not the ultimate test of a loan. Many factors come into play. You may be comfortable with a loan that varies in percentage, such as an adjustable rate mortgage. Perhaps you’re comfortable with a mortgage that can reduce your monthly payment, with a large final payment commonly called a balloon mortgage. You might find a fixed rate mortgage more suitable. [ back to top ] What makes my credit good or bad?
[ back to top ] What if I am self-employed? We work with borrowers who receive W2's, who are self-employed or who are on fixed incomes. We can use W2's or Tax returns to provide the underwriters with income verification. [ back to top ] Main
Street Mortgage, Inc. • One Tiffany Pointe Suite 204 • Bloomingdale,
IL 60108
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