Comparison of Early Steps in the Mortgage Process

Thinking about buying a home? Then learn about the first steps in the mortgage process. And if you have any questions, just contact our helpful Mortgage Team at 585.336.1502 or 800.352.6669, x1502 (outside of Rochester) today.

 
Description
Why Do this Step?
Information Needed
Fees
Result
Can Interest Rate be Locked?
Is this a Required Step of the ESL Mortgage Process?

Prequalify

APPLY ONLINE
Description

To get an estimate of how much you may qualify to borrow to purchase a home.

Why Do This Step?

To help focus your home search to a more targeted, affordable price range.

Information Needed

Verbal information about income, assets, and other credit related information.

Fees

None

Result

You will receive a letter stating how much you may qualify for, based on the information you provided if you were to apply for a mortgage. This is not a commitment for a loan.

Can Interest Rate be Locked?

No

Is This a Required Step of the ESL Mortgage Process?

No

APPLY ONLINE

Preapproval

APPLY ONLINE
Description

For people who are ready to purchase a home but do not yet have a contract to purchase a home.

Why Do This Step?

To show sellers you are a serious buyer and are interested in purchasing their home.

Information Needed

Verbal and/or documented information about income, assets, and other credit related information

Fees

None

Result

ESL will send you a preapproval letter stating you are preapproved for an ESL mortgage based on the information you provided and a review of your credit report. The letter will also contain some of your potential mortgage loan terms and conditions you are likely to qualify for when you complete a mortgage application with us. This is not a commitment for a loan.

Can Interest Rate be Locked?

No

Is This a Required Step of the ESL Mortgage Process?

No

APPLY ONLINE

Application

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Description

To obtain a mortgage to purchase a home on which you have a contract with the seller.

Why Do This Step?

To borrow money to purchase a home.

Information Needed
  • Documented information about income, assets, and other credit related information.
  • Purchase Contract and details about the purchase.
  • Engineer's Inspection, if applicable.
Fees

Use our closing cost calculator to understand what your costs may be.

Result

If approved, you will move onto mortgage closing steps.

Can Interest Rate be Locked?

Yes

Is This a Required Step of the ESL Mortgage Process?

Yes

APPLY ONLINE