The Homebuyers Guide


Before you start your home search, it is important to secure a loan preapproval.  We recommend that you have the following information available when you meet with Antony J. Marinaccio

PreApproval Check List


Do you know that there is a huge difference between Prequalified and Preapproved? Over 90% of sellers and the real estate agents that sell their homes demand a PreApproval.  Most retail banks never allow the better of the two, a preapproval letter.  Even if they pull your credit and take an application fee!

Prequalified is a basic conversation with a mortgage professional that acts like the Cliffs Notes version of a review of your borrowing ability. It’s a simple conversation about your income and debts too quickly determine if your “say-so” income can cover the debts of a home. While these mortgage consultants may fill in the conversation with substance and sometimes pull your credit, this pre-qualification letter, that they can only provide, is valued at about nothing, and that’s exactly how the seller and the seller’s real estate agent will interpret your qualifications.

Preapproved goes beyond a surface of review. First, you will need to work with someone that is allowed to offer a preapproval letter. Many retail banks deny the loan officer the right to give you this letter. Then, you will actually apply for a loan and have a full review of your income documents along with many other factors that can hinder your ability to own down a home. A preapproval will provide you with the industry standards to make yourself more qualified to a seller and for them to take your offer to buy their home more seriously.

Allowing Anthony to pre-underwrite your loan documentation and personally preapprove you to buy a home means it will be the last thing you need to do on your list. With Anthony J. Marinaccio as your Chicagoland and Chicago Mortgage Broker, you have a higher level of control to become a stronger qualified buyer. Have an edge on other buyers by being more prepared.