1st Priority: Pre-Approved vs. Pre-Qualified – What do I need to know?

If you’re thinking of purchasing a new home, there are a few steps to consider before beginning your search. In order to make the process as smooth as possible, it is important to obtain a pre-qualification or pre-approval before your home search begins. While these may seem like similar things, in reality, they are two distinct parts of the process that provide two separate results. Let’s break it down!

Getting pre-qualified or pre-approved for a mortgage loan benefits all parties. As a buyer, you know from the beginning what you can afford, which helps narrow your search parameters. It also helps you move into your home more quickly than if you wait until the end of the process. The seller of the home will see you as a serious buyer and in a competitive market, this edge could better your chances of obtaining the home.

Part One: Getting Pre-Qualified

Getting pre-qualified is the first step in the process and is fairly simple. You connect with a 1st Priority Mortgage Consultant and go over the basics such as: What is your income? What are your debts? Do you have any assets? The Mortgage Consultant then gives you an idea about the amount of mortgage for which you qualify, so you have a ballpark amount to consider during your home search. This option includes checking your credit report.

This step can happen over the phone or online, or you can meet in person. You can also discuss your needs and any goals you have regarding your mortgage with your Mortgage Consultant. This conversation will help to better assist you in the future.

Part Two: Getting Pre-Approved

Becoming pre-approved is a more involved process, but is important. At this time, your income, assets, and employment history will be more closely scrutinized. A credit report will be pulled and analyzed – this includes amount of debt, monthly payments, and credit score.

This will ensure you receive the most appropriate mortgage loan for you. 1st Priority will keep in contact with you throughout the process, letting you know of any updates or if any additional information is required.

Where Do I Sign Up?

At 1st Priority, we strive to make the home buying process exciting and easy. We partner with Howard Hanna to specialize in real estate, mortgage, title, and insurance, giving customers a one-stop shopping experience! It’s easy to connect with a 1st Priority Mortgage Consultant and start the process. Call 1st Priority at 888-500-9733 or inquire online.

 

NMLS# 29600. Contact 1st Priority Mortgage, Inc. for mortgage products and eligibility. 1st Priority Mortgage, Inc. is a Licensed Mortgage Banker, New York State Department of Financial Services. All lending products are subject to credit and property approval. Terms, conditions, and certain restrictions may apply on all programs. Interest rate and program terms are subject to change without notice. This is not a commitment to lend. Contact a 1st Priority Mortgage Consultant for full details. (888) 500-9733.

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  1. Pingback: 1st Priority: Pre-Approved vs. Pre-Qualified – What do I need to know? - Realtor Greensburg PA | Sara Petrie

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