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
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
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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
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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 anywhere
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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 |
|
Any questions, please don't hesitate to
Contact Us!
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