Thank you for choosing Prime Star Mortgage Corporation. It is our goal to be the last mortgage corporation you or your clients ever need. We are a full service team of mortgage professionals dedicated to your education and ease throughout the loan process.

We have a Home Buyer Preparation Program (HBPP) that serves to educate the "home buyer." Our clients have told us that the HBPP is unique and invaluable. All of the feedback has been positive, not to mention we feel great doing it.

This program provides a personal evaluation of the potential home buyer's situation and helps them establish a program and timeline that will lead to successful home ownership.

In addition to that unique program, each of our mortgage professionals provides customized treatment for each borrower! Our programs offer unparalleled education opportunities and one-on-one meetings to go over every step of the sometimes daunting process of loan qualification.  

Our Processing and Research department is diligent about staying abreast of market trends and new products, ensuring that Prime Star clients have access to the best mortgage option every time. Whether they are purchasing a new home, adding on to an existing one or starting from scratch our team will find the product that meets their unique need.

We look forward to working with you! Please call us with all of your mortgage questions and needs.

Mortgage Approval Indicators Defined

Throughout the loan process there are three common indicators used to determine how likely you are to secure a mortgage. These indicators can come in the form of a pre-qualification, pre-approval or commitment letter.

At Prime Star, we know it is important that the borrower understand each indicator, so we have defined them here.

Prequalification: An informal process where lenders, based entirely upon the information you disclose about your financial situation, provide an opinion about the amount of money you may be able to borrow. This assessment is neither binding nor necessarily accurate because the lenders have not verified any of your financial information. This will give you a realistic idea of what you can afford.

Pre-approval: A process that mortgage lenders use to determine how much money they would lend you based upon a thorough review of your financial situation. Getting a pre-approval letter strengthens your negotiating position when you are buying a home because it shows the seller your seriousness and creditworthiness.

Commitment Letter : A statement from the lender announcing their commitment to make the loan. This letter will outline specific details of the loan such as amount, rate, and penalties if any. The commitment letter must be accepted by the borrower within a specified time frame (30 days is standard). If a commitment letter has been issued and the parties are negotiating the documents beyond that period, the borrower's loan officer will make sure the commitment is extended.

During the process you may only receive a Commitment Letter, the other letters will depend on your unique situation and the requirements of other professionals you are working with. Regardless, your loan officer will keep you informed of pending deadlines and expiration dates. You, as a borrower, need only to concentrate on working with your real-estate agent to find the right property for you.