|That is why we designed an unbeatable Lock & Shop Pre-Approval Program to eliminate your worries and help expedite the completion of your home purchase transaction.|
Our Pre-Approval Program provides these benefits:
|Before you get too far into the search for a new home, contact a Central Federal loan officer. You will be asked to provide documentation regarding your income, assets, and liabilities. This generally includes:|
|Signed federal income tax returns for the prior two years, along with all W-2 statements||Most recent pay stubs covering the past 30 days.||Bank statements covering prior two months for all deposit accounts (checking, savings, brokerage, 401K, etc.).|
With your authorization, we will also order a complete residential mortgage credit report.
Upon issuance of the Pre-Approval Certificate, share it with your realtor. The seller and their listing agent will have assurance you qualify for the needed mortgage, provided there has been no material change in your financial condition. The Certificate demonstrates your financial strength and ability to secure financing for the purchase, thus giving you more negotiating power.
A Central Federal Savings & Loan Pre-Approval is a conditional commitment. It is NOT a guaranteed commitment to lend. You will need to have an executed real estate contract and a final underwriting review before your loan is cleared to close.
Rate Lock: When the Pre-Approval Certificate is issued, the interest rate will be locked while you search for your dream home, provided you enter into a contract to purchase within 30 days and can close within 75 days of the Pre-Approval issuance. This eliminates a major concern should rates increase while you are shopping.
Float Down: If interest rates decline by the time you find that special home, we will offer you the lower rates in effect at the time of full loan application.
5953 W. Cermak Road
Cicero, IL 60804
6940 W. Ogden Avenue
Berwyn, IL 60402
1921 E. 31st Street
La Grange Park, IL 60526