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 QUAL here.

 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 expectations accordingly.

Often the two terms have become interchangeable through the years and that is unfortunate for many borrowers seeking condos for sale.

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.

With a pre-qualify, 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.

Be Prepared
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 mortgage people (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 condos for sale will not work.
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Pre-Approval
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 price.

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?


Pre-Qualify
When you are looking for a quick indication of whether you will qualify for a loan, many mortgage brokers will pre-qualify you, but be careful.

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 do?

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 pre-approval certificate.

Summary
These terms are interchangeable in the industry so make sure to ask which of these types of approvals that you are receiving.

Do not expect more than you have given to the mortgage banker! 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 home.

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.
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Give me a call at 631-451-7400 or fill out the  information request form and we will discuss all the options that are available for you!

It's as easy as that!

Financial Services of America - direct lender all 50 states!