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You’ve decided to buy a new house, or become a homeowner for the very first time, congrats! By selecting Capitol Federal to help you finance your home, you’ve made the decision to work with a leading residential lender and we couldn’t be happier to have you here. Knowing what you can afford, by pre-qualifying, will drastically simplify your home buying experience, and becoming pre-approved lets sellers know you are serious and in a position to purchase a home.

Still not sure if you need to get pre-qualified or pre-approved for a home loan? The terms are often used interchangeably, but there are differences that every home buyer should understand.

Pre-qualifying is the first step in understanding what loan programs are available, which are right for you, and will help determine what you can afford to purchase based on your stated income and monthly obligations, assets for down payment, as well as your employment and credit history. Based on the information you provide, we will calculate, at no cost to you, an estimate of how much you can borrow and provide you with a Closing Cost Estimate to show you the liquid assets you will need to close a loan. If requested, a “Pre-qualification” letter can be provided which states all the information you provided must still be verified. This step is a great way to measure if you are ready or to establish goals to help get you ready for the next step! Contact a loan professional and start the process.

Getting Pre-Approved is the next step in actually purchasing a home. This time, all information regarding employment, income, credit, assets and liabilities are verified with supporting documentation and the request is fully reviewed and underwritten by the Bank’s underwriters. Although this step is not as quick as a pre-qualification, a Pre-Approval letter lets your realtor and the home seller know that you are a seriously interested pre-approved buyer and the only thing left to do is negotiate the sales contract and have the house appraised. Assuming all facts remain constant prior to closing, there would be less chance of surprises keeping you from closing on time! Contact a loan professional and start the process.

Pre-Qualification	Pre-Approval
· Discuss loan program options	· Discuss loan program options
· Discuss income, credit, assets and monthly                          obligations	· Verify employment, income, credit, assets and                  monthly obligations
· Calculate estimate of home you can reasonably afford	· Closing Cost Estimate provided
· Closing Cost Estimate provided	· Pre-Approval letter may be provided after request is        underwritten
· Pre-Qualification letter may be provided	· Pre-Approval fee applies

To get pre-approved you'll need to have the following information on hand:

• W-2's (last 2 years)
• Recent pay stubs
• Recent bank statements and other financial information
• Personal information
• Outstanding debt information
• Current Asset information
• Type of loan you are considering

We may require more documents, depending on your circumstances, but this is a good start to complete the online portion. In addition, we will run a credit report as part of our underwriting process.

Once you have gathered your information, completing your Pre-Approval application should only take a few minutes. If you run out of time, or need to find documentation, you can always save and come back at a later date. We look forward to serving your loan needs.