- Verbal - Borrowers can verbally provide their loan officer with income and debt information. A safe preliminary loan amount is given at this time based on the provided information. Pre-qualification is only as accurate as the information provided by the borrower. Pre-qualification is not an application or pre-approval, but simply a tool to estimate the borrower's buying power.

- Credit Report - The credit report documents the payment history of anyone issued credit, for example car loans, student loans, credit cards, etc. We recommend that borrowers allow Deltec Fiancial Services to review a credit report at the pre-qualification stage. However, this review is at the borrower's discretion.

- Timetable - The borrowers should submit financing paperwork for new construction approximately 60-90 days prior to breaking ground. For purchases or refinances, this time frame is considerably less.

- Loan Amount - The loan amount provided in a pre-qualification takes into consideration the total cost of your project that are applicable: purchase price, construction costs, closing costs and/or land acquisition. Please be advised that if the loan amount does not cover all of these costs, the borrowers will need to pay the difference and provide the loan officer with proof of their ability to pay.

***It is VERY IMPORTANT to note that a pre-qualification is not a mortgage approval. The borrower must make a formal application and an American Home Bank underwriter must issue a mortgage commitment letter that designates approval and any further information or procedural requirements.***