Prequalify for a Mortgage
Capon Valley Bank's Rediqual mortgage prequalification program will assist you in the planning process to purchase a new home or to re-finance the one you already have. This is only the initial step to receive conditional approval, which will determine the amount you qualify for and the time required to process your loan request. Please notice the contrast between a prequalification and being conditionally approved, as the following information should assist in a simple interpretation.
Prequalifications vs Preapproval
When you begin searching for a home or refinancing, you should research the differences between a prequalification and a conditional approval. Financial institutions typically make reference to preapproval as being conditionally approved. Real estate agents often inquire about your prequalified or preapproved status to determine what type of home will match your needs and budget. Mortgage prequalifications are only a preliminary decision and not a full approval, but will assist you to establish if buying, building or refinancing a home is a possibility.