Pre Approval vs Pre Qualified?

There are lots of different banks and lenders advertising quick pre approvals that will save you time. But, I have come across several clients that have had issues with the numbers that they qualify for from an on-line app.

This is what a good mortgage associate would offer to a new client who is looking to be pre-qualified for a mortgage:

1. Full Document Review
2. Credit Verification
3. Education
4. Lender Options

All of the above can be completed over a 5 minute phone call, series of emails or text messages. You will have full access to your mortgage associate because they are fully commissioned mortgage experts.

Please understand that when you get a rate hold from a lender or monoline you are put into a 5 year fixed mortgage product.  The lenders will not give you a rate hold on any Adjustable rate mortgage, variable mortgage or a term other than 5 years.

Work with Cindy Janisch to shop rates, discuss lender terms and options, conditions attached to the rates that are quoted.   Mortgage rates have become increasingly complex depending on the type of product you are choosing.  Is the mortgage High Ratio insured? Is the mortgage conventional?  Is the property a condo or a single family home? Is the borrower an employee or Business for Self. Also, how is your credit rating?  These things dictate what product you will qualify for and the interest rate that is attached.

You are never too busy to talk to a professional such as Cindy Janisch to save you time and stress when making an offer to purchase.  Why not have more confidence while shopping for your new home.

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