Get Preapproved for a Tower Mortgage Loan
What is the difference between prequalification and preapproval?
Prequalification is an estimated calculation of the mortgage loan amount you qualify for, based on your income and expenses. Print a Tower prequalification letter to see your estimate.
Preapproval is part of your Tower mortgage loan application. It's smart to have your mortgage loan preapproved—and to request a Tower preapproval letter—before you begin searching for your new home. Your preapproval letter to the seller shows that you are a serious buyer. In some areas, real estate agents require a preapproval letter before showing a buyer a house or submitting an offer to the seller. Your preapproval letter saves you time when house hunting.
Print this page and refer to these instructions to get your preapproval letter.
- Go to Loan Consultant to choose the type of mortgage loan that's right for you.
- Begin the online mortgage application—you'll need to create a User ID and password.
- Answer all of the questions on the mortgage application as though you are applying for the mortgage loan.
- Enter the mortgage type that you are most interested in securing.
- Complete the section titled "About Your Home."
- Estimate the purchase price and down payment amount.
- For the property location, choose "Not Known at this Time."
- The address line will be automatically entered as "To Be Determined."
- The city, state and zip will default to your current address. Change your current information to the location of the home you wish to purchase. The zip code will need to match the city.
- When you have completed your mortgage loan application, Loan Status will respond with the result of your loan request.
- Choose Approval Letter to print your preapproval letter.
IMPORTANT: Make sure to provide your signed contract immediately to Tower after your contract has been ratified to avoid loan processing delays.
Prequalification and preapproval letters are NOT a loan or rate lock commitment. A formal commitment is subject to Tower's normal credit policies, including a satisfactory review of a real estate appraisal, a credit report, and a verification of all specific information in accordance with secondary market guidelines.
If your Loan-To-Value exceeds 80%, based on the lower of the purchase price or appraised value of the home, your loan approval will be subject to Tower's ability to obtain Private Mortgage Insurance on your home.
Rates or points provided in prequalification or preapproval letters do not take into consideration possible adjustments based on evaluation of: member's credit score, Loan-To-Value, Combined Loan-To-Value, subordinate financing, occupancy, appraised value, down payment, property type, property use and loan purpose.