Home Loans In Clarksville, Tennessee

A modern city with a small-town feel, Clarksville is also known as the “Queen City” and is the fifth-largest city in Tennessee. With over a 24 % increase in home value over the past year, the city’s real estate is showing much appeal to first-time home buyers and retirees. 

Are you looking to own a home in Clarksville? Our team at Capital Home Mortgage is here to provide the necessary assistance in obtaining the right home loan for your requirements. 

Whether it’s educating our readers on how to navigate the loan process or providing expert advice on how to get great mortgage rates and low fees, we make sure your home buying experience is enjoyable. 

Let’s quickly walk you through two essential terms that you will undoubtedly come across when applying for a home loan in Clarksville, Tennessee — prequalified and preapproved. 

Prequalified vs. Preapproved: What’s The Difference?

When you’re ready to begin the home-buying process, you’ll likely hear the terms ‘prequalified,’ and ‘preapproved’ used interchangeably. However, they’re not the same. More importantly, knowing the difference between them will save you time when you begin your application. 

• Pre-qualified

If this is your first time buying a home, this is usually the starting stage of the process. 

Prequalified simply means that you’ve provided a lender with some basic financial information, and they’ve told you how much of a loan you may qualify for. This is a quick and easy process that can be done online or over the phone.

Usually, the borrower would undergo an initial prequalification step that leans toward discussing the goals or anything regarding the mortgage. After the goals have been set, the next step is verifying your financial documents to calculate how much house you can afford. 

The last step is getting a Letter of Pre-Qualification, which states how much money you’re eligible to borrow.

Keep in mind that the amount isn’t guaranteed until you’ve been fully approved for the loan during the prequalification process.

• Pre-approved

A preapproval is a bit more in-depth than a pre-qualification. To be pre-approved, you’ll need to fill out a mortgage application and provide the lender with all relevant financial documents, including your W-2s, pay stubs, tax returns, and bank statements.

The lender will then review your information and credit history to determine how much of a loan you’re eligible for. Once you’re pre-approved, you’ll receive a Letter of Pre-Approval that states the amount of money you’re approved to borrow.

Unlike a prequalification, a preapproval is a more accurate estimate of how much house you can afford. The lender has reviewed all of your financial information and has given you a firm loan amount.

Clarksville, Tennessee Mortgage Lender

At Capital Home Mortgage, we have streamlined the home loan process, so every step is as straightforward as possible. Whether you’re looking for pre-qualification or pre-approval, we can help ensure a hassle-free experience. 

We understand that every homebuyer is different and therefore offer a variety of mortgage loan programs to meet your unique needs. We’re confident you’ll find the best home loan program from government-backed mortgages like USDA, FHA, VA, and Native American loans to Jumbo, Conventional, and even refinance mortgages. 

Start Your Home-Buying Journey in Clarksville Today!

Call us today at (615) 549-5666 to discuss your Clarksville home loan needs with our mortgage specialists.