FREQUENTLY ASKED QUESTIONS

WILL GETTING PRE-QUALIFIED HURT MY CREDIT?

No! I use a Soft Pull credit service to provide my pre-qualifications, which means you will never have to worry about a mortgage inquiry hurting your credit.

WHAT DOES IT MEAN TO GET "PRE-QUALIFIED"?

Getting pre-qualified means a knowledgeable loan officer has reviewed your income, assets, employment and liabilities in order to come up with a maximum purchase or refinance amount.

DO YOU OFFER DOWNPAYMENT ASSISTANCE?

YES!
With down-payment assistance you can purchase a home with as little as $1,000 down! Reach out to me or pre-qualify to find out if you qualify for Colorado Down-payment Assistance.

WHAT MORTGAGES DO YOU OFFER?

Conventional: minimum down payment 3%, mortgage insurance required for less than 20% down that falls off, credit score of 620+

FHA: minimum down payment 3.5%, mortgage insurance required for less than 20% down that does not fall off, credit score of 580+

VA: minimum downpayment of 0%, must be able to provide a DD-214

USDA: minimum downpayment of 0% down, monthly fees for less than 20% down, must be in a USDA approved area, income limits apply

WHEN SHOULD I CONSIDER A REFINANCE?

Refinances can be beneficial to lower monthly payments by lowering interest rates or removing or decreasing mortgage insurance. 
Refinances can also be used to take cash out for renovations, debt consolidation, a big purchase, and much more

For questions not answered above, or for direct advice about home loans or refinancing, don’t hesitate - get in touch!

See below for additional mortgage information, tips and tricks!

 
  • Jamie Laskie

Pre-Qualified VS Pre-Approved

As you prepare to finance a new home, chances are you’ve come across mortgage pre-approval, mortgage pre-qualification, or possibly even both. So what does it mean to get pre-approved vs. getting pre-qualified for a mortgage, and what’s the difference between the two? Let’s take a look.


The Similarities of Pre-Approval and Pre-Qualification

Mortgage pre-approval and mortgage pre-qualification have the same great benefits for anyone considering purchasing a home with a mortgage:

Both can help estimate the loan amount that you will likely qualify for. This can help you save time by starting your home search by looking only at homes that you know will fit in your budget. And it will also prevent the frustration of finding out that the house you wanted to buy is actually out of your budget.Regardless of whether you have a pre-approval letter or a pre-qualification letter, both can help show sellers that you’re a serious contender when submitting your offer. For a seller to confidently accept your offer, they’ll want to know that you’ll be approved for a mortgage and the home sale will close. A pre-approval letter or a pre-qualification letter can help demonstrate that you have a good chance of being approved for a mortgage for the amount that you’ve offered on the home.Many sellers will require a pre-approval or pre-qualification letter if you’re planning to get a mortgage. If it’s not required, a pre-approval letter or pre-qualification letter may help your offer stand out. This can be especially helpful in competitive real estate markets.

In addition to the benefits mentioned above, it’s important to remember that neither pre-approval nor pre-qualification is a guarantee that you’ll receive a loan from the lender. You are also not obligated to get a mortgage form the lender who pre-approved or pre-qualified you. While many home shoppers opt to apply for a mortgage with the lender who pre-qualified or pre-approved them, you should always shop around before applying for a mortgage.

Get pre-approved and see how much you can afford


The Differences of Pre-Approval and Pre-Qualification

According to the Consumer Finance Protection Bureau, there is often not a lot of difference between pre-approval and pre-qualification. Sometimes, lenders use the terms “pre-qualification” and “pre-approval” interchangeably. And different lenders might have different definitions for each. But generally, here’s how the two may differ.

Pre-qualification is often seen as the first step in the mortgage process, and pre-approval is the next step. With pre-qualification, you’ll supply an overview of your financial history to the lender, including income, assets, debts, and credit score. The lender will review this information to give you an estimate of what you would qualify for. Mortgage pre-qualification doesn’t always require documentation of your financial history; it can often be self-reported. Mortgage pre-approval is very similar, but it usually requires documentation and verification of your income, assets, and debts. And it will often require a credit check, which will result in a hard inquiry on your credit report.

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Which One Should You Get?

Since the terms “mortgage pre-approval” and “mortgage pre-qualification” are often used interchangeably, it can be hard to know which one you need. It really depends on how your lender defines the service, if you want a hard credit check or not, and what real estate market you are in. Be sure to ask your lender exactly how he or she defines “pre-approval” or “pre-qualification”. Then find out from your real estate agent which version has more credibility in your market. That way, when it comes time to make an offer, you’ll have what you need to give sellers confidence that you’ll be approved for a loan.

Request pre-approval from a local lender






Guild Mortgage Company is an Equal Housing Lender; Company NMLS #3274

The information provided herein has been prepared by a third party and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

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©2018 by Jamie Laskie. 

Guild Mortgage Company is an Equal Housing Lender; Company NMLS #3274. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice.  Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. 

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Jamie Laskie NMLS #1641628, is licensed to do business in the states of Colorado. 

Jamie Laskie

970-581-4811

jlaskie@guildmortgage.net 

https://www.guildmortgage.com/jamielaskie