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Pre-Qualified vs. Pre-Approved:
What does it mean to be pre-qualified?
Getting pre-qualified for a loan gives you an idea of how much you might qualify to borrow.
What does it mean to be pre-approved?
Getting pre-approved means that not only have you given the mortgage broker/banker information on your income, assets, and liabilities, but your information has been checked and verified. The mortgage broker/banker may also have pulled your credit report to learn about your credit history and credit-worthiness.
Getting a pre-approval letter means that you are likely to be approved for a mortgage and also states the amount for which you may be approved. It carries a bit more weight than a pre-qualification letter.However, getting pre-qualified or even pre-approved doesn't necessarily guarantee that your mortgage will actually go through. Many things can happen during the process'some lenders may give out pre-approval letters without actually verifying your information or a borrower may not give completely accurate information about his situation.
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Having a good credit rating is one of the most important factors in qualifying for a mortgage. You can get your credit score via the country's two credit bureaus, Equifax and Trans Union.
These bureaus use scoring systems called the Beacon and Emperica. The systems generate a score derived from data based on the five categories listed below.
Having a good credit rating is one of the most important factors in qualifying for a mortgage. You can get your credit score via the country's two credit bureaus, Equifax and Trans Union.
These bureaus use scoring systems called the Beacon and Emperica. The systems generate a score derived from data based on the five categories listed below.
- Past payment performances
- Credit utilization
- Credit History
- Types of credit in use
- Inquiries
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People use mortgage brokers to help them find the best mortgage on the best terms without the hassle of negotiating directly with lenders. A good mortgage broker will be able to get you the mortgage you want at a rate that's as much as 1 percent lower than you would pay on your own. In most cases, you don't even have to pay a Mortgage Broker to find you a conventional mortgage. If you register with us, we'll help you find a Mortgage Broker near you.
People use mortgage brokers to help them find the best mortgage on the best terms without the hassle of negotiating directly with lenders. A good mortgage broker will be able to get you the mortgage you want at a rate that's as much as 1 percent lower than you would pay on your own. In most cases, you don't even have to pay a Mortgage Broker to find you a conventional mortgage. If you register with us, we'll help you find a Mortgage Broker near you.