When looking at
Condos for sale, don't forget you need to be pre qualified
BEFORE you go looking at condos for sale- so get your FREE PRE
Pre-Approval vs Pre-Qualify
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When looking for condos for
sale, before visiting your realtor, you can
make the entire purchase process easier by getting a
pre-approval from the lender. You need to apply with a
mortgage professional, so they will either "pre-qualify"
or "pre-approve" your loan application. You need to
understand condos for
sale the difference so you can set your
Often the two terms have become interchangeable through the
years and that is unfortunate for many borrowers seeking condos
This is the real story.
With a pre-approval, condos for sale, you actually apply for a
mortgage with an address "To Be Determined Later" and the
application is submitted to our underwriting department and an
approval is issued, which is subject to the condo being able to
qualify, then your condos for sale process begins.
your condos for sale home, the mortgage professional reviews
your finances, credit report and income and then, based
on their experience, estimates an approximate
amount of a mortgage that you should be
able to qualify for. A mortgage broker
CAN NOT issue a pre approval - if the pre approval on
their letterhead, they are in Federal violation of RESPA
and can be fined or have their license revoked. We are an
affilated Federal chartered bank and can issue you a pre
approval, so choose carefully, your condos for sale home
depends on it.
When applying for a pre-qualify, there still may be some issues
to resolve and the mortgage can take literally weeks to
complete and have a closing on the condo.
Watch out,condos for sale, with many of these
(brokers) will call a pre-qualification a pre-approval when this is not the case.
There is a big difference. If you only talked to someone who
does not take all your information on the phone, you are not
pre-approved. If you have not
paid a deposit and signed an application, you are not
pre-approved. If you are
dealing with a mortgage professional who has not
spotted a possible issue, you may not get a mortgage or have to pay a higher
interest rate in order to get the loan for condos for sale.
The home still must qualify too! If you offered more
than the house is worth, the bank will not give you a loan
sale will not work.
Looking at the pre-approval
must be the actual process of applying for a loan and sending
your loan application through the underwriting process. You
will receive a commitment for a loan up to a certain amount
that is conditional upon an appraisal of the desired property
condos for sale meeting the bank's approval and the purchases
The largest advantage to this process is time. When you need
your condos for sale home, just an appraisal, the time between
the signing of the purchase agreement and the day of closing is
in the range of 1 to 2 weeks whereas the entire loan
application process takes 30-45 days.
You should apply for the maximum in a pre-approval. You can reduce the
mortgage amount in a day
or two, maybe even hours. Increasing the mortgage amount is the same as going
through the approval all over again.
Since you will surely have the time to get this
pre-approval in hand as
it will take you some time to find the right condos for
sale to meet your dreams, why not use some of this time
to get a pre-approval?
When you are looking for a quick
indication of whether you will qualify for a loan, many
will pre-qualify you, but be
A note of caution: A
pre-qualify is NOT a guarantee
that you will get a loan. This is only an estimate.
This is how a pre-qualification works, it is a peek at
your assets and liabilities, your annual income and a
determination of how much of a mortgage payment that you should be
able to afford which is assuming that none of these conditions
change before the settlement date of condos for sale.
What is the best option you really
Make sure you start with the
mortgage professional at
Financial Services of america, not the realtor. This will give
you will have less stress, you will close the condos for sale
house faster and you will likely win a close race between
buyers if you actually have a pre-approval rather than a
These terms are interchangeable in the industry so make sure to
ask which of these types of approvals that you are
Do not expect more than you have given to the
If you have not given a deposit and taken the time to get
a true pre-approval,
you can count on having many more steps in the process to
go through to get your condos for sale
Of course, it is very easy to tell
if you receive a "pre-approval." If you have not signed an
application and just given information over the phone, your
approval is nothing more than an estimate of whether you will
qualify for the loan to
get your condos for sale.
Give me a call at 631-451-7400 or fill out
form and we will discuss all the options
that are available for you!
It's as easy as
Financial Services of America - direct lender all 50