This Pre-Qualifier is designed to give you an idea of your Qualifying Ratios. Depending on the program we can accept a bottom ratio of 50%. The next step would be to get Pre-Approved which you can do by clicking here: Pre-Approval!
Pre-Qualify | The 1st Step in the buying process
The amusing thing about the Mortgage-Industry is the never-ending list of terms we use to describe the process. I’d like to focus in on two of these terms which are Pre-Qualification and Pre-Approval. Trust me when I say they are miles apart in what they provide the borrower.
1.) What’s involved
Typically when a buyer starts to think about buying a property the first thing that comes to mind is…What I/we can qualify for. So with that in mind buyers start to talk to friends and family. If your lucky someone will suggest you talk to a mortgage guy and get pre-qualified. The premise behind the pre-qualification is you talk to your loan guy, numbers are run and viola you’re told what you can qualify for. At that point, you think you’re good to go. Sometimes you’ll be presented with a Prequalification Certificate.
At this point, you may feel like you’re armed with everything you need to go buy a property. But in reality…What you have is a worthless piece of paper.
The reason I say this is because nothing has been verified…Your income, assets or credit have not been verified. Without those items, your file cannot be run through an Automated Underwriting program to generate an approval.
As is evident the pre-qualify process can leave a borrower with a false sense of security. Borrowers tend to assume with a Pre-Qualification letter in hand they can obtain a loan for the amount stated. Often time unknowingly they make an offer on a property and return the loan guy for that loan. As you can guess the borrowers are in shock when the loan is rejected. At this point, they could possibly lose their good faith deposit. Bummer! This happens more than you can imagine.
The pre-qualification serves one purpose, it starts the conversation at the beginning of the process. It will give you a ballpark estimate of what you can qualify for. If that number seems adequate then you move immediately to the Pre-Approval; process.
2) With a Pre-Approval, you complete a loan application, submit W2s, Check Stubs, Bank Statements and have your credit run. Once that’s done your application is run through an Automated Underrating program and hopefully, your approval is generated. Now…Because lenders follow the findings contained in the Automated Underwriting your now good to go. At this point, unless for some reason you’re unable to comply with a condition called for in the approval, you can go make an offer.
After you use our Pre-Qualify program… Call us at 424 225 2167 for help. One of our mortgage professionals will help you get the best possible loan solution for your situation. We’ll be with you every step of the process and not hand you off to someone else.