Loan Pre-qualify/Pre-Approval

For non-cash buy borrower, before start looking a home,  it's very important to know how much you can comfortably afford. Loan prequalification (through mortgage broker) or loan pre-approval (through direct lender) is a process to provide a professional opinion about the maximum loan amount and interest rate you can afford based on your monthly income, debts and credit history. It avoid unknown risk about your loan and gives a peace of mind when you making offers. Most agent and seller will also require it before considering your offer.

Steps for Free Loan Prequalification/Pre-Approval


Why most borrower choose Mortgage Broker Instead of Direct Lender? 

Statistics showing over 75% loans originated in US by Mortgage Broker in today's market. The reason is Mortgage broker is Independent Wholesale Broker. "Independent" means broker can choose any many lender instead of one lender. "Wholesale" means broker get wholesale pricing instead of retail pricing. Most time broker will bid lender from interest, fee, solution and service and bring more benefits to borrower.

Mortgage Broker is:

  • Your One Stop Shop and Single Point of Touch for your loan who save your a lot time and efforts

  • Full time well-trained professionals who know better to analysis and handle your loan

  • Collect your document Only Once and reuse it anywhere

    • Different lender might have different pre-approval system, result from one lender might not re-usable with other lenders

    • You don't want to spread your private financial information anywhere to any people unless you really close the loan with them

    • In case for some Bank Owned property might need pre-approval from specific direct lender, broker can cooperate with lender to save your time and effort

  • Run your Credit Score Only Once and reuse it anywhereBack to Top

    • Broker Tri-merged Credit Bureau credit report is recognized and accepted national wide

    • Don't run too many credit reports which will drop your credit score dramatically

  • Better rate and more benefit for you. The following table is a simple illustration.

ITEMS

BROKER

LENDER

Lender/Loan Programs

Represent many lenders. Bring more choice, more options to borrower

Tie in in one lender and this lender's program

Interest Rate

Better wholesale Rate

Retail Rate

Special Promotion/Bonus

More bonus for high volume mortgage broker, more promotions to switch broker's borrower base from other lenders

 

Service

One stop shop, better and more customized service. life-time advisor and consultant  really know your past and future needs

 

East to Contact

Easier, always talk to same person, no need to repeat story

1800#, a lot of personnel change

Knowledge

More knowledgeable, know more  more hands-in experience, better trained and able to handle problem loans

Many bankers short of experience to handle complicated & difficult loans

Attitude

Paid by commission. More motivated and more professional. Treat work as career and passion

Paid by Salary, less motivation. Treat work as job

Fee

More flexible, bring more benefits to borrower

Have to follow lender's policy

Processing

Fast and easy, many broke work in weekends or holidays

Slow and fixed work time

Solution/ Package

Better solution and package

 

Back to TopAny questions, please don't hesitate to Contact Us!