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New York Mortgage Lender

New York Mortgage Lender & Broker
Licensed in 17 states throughout US Pre-qualify Now

In today's fast paced market, being pre-qualified by a mortgage company is in most cases a requirement of realtors, before they begin the process of searching for a home for a prospective buyer. Sellers cannot afford to take their homes off the market and have a buyer turned down for a mortgage a few weeks later.

Homeowners are becoming more educated with the selling process and are trying to make the sale of their home as efficient as possible. With multiple offers coming in on a regular basis, it only makes sense that those offers which have a letter of mortgage pre-qualification attached are more strongly considered.
 


  
 

Pre-qualification VS Pre-approval
There are some key differences between pre-qualification and pre-approval for a loan.
Pre-qualification is a very quick and simple process. It takes into account very basic information regarding your financial status and gives you an amount for which you may qualify.

This can be done strictly on a verbal level or electronically over the Internet. The pre-qualified amount is based solely on the information you provide. In most markets, pre-qualified buyers usually hold little clout compared to pre-approved buyers due to the fact that the information given during the pre-qualification process is not thoroughly investigated and therefore may be unreliable. Where a pre-approved buyer is actually approved for a loan of a certain amount, a pre-qualified buyer is only told that they might be approved for a certain amount.

Pre-approval is a much more involved process. We will take all pertinent information regarding your finances and perform an extensive check on your current financial status. This will ultimately give you the exact amount that you will be eligible for (depending on what type of loan you decide to go with). Being pre-approved allows the seller know that you have gone through an extensive financial background check and there should be no unexpected obstacles to buying the home.

You can see how being pre-approved would be more attractive to a seller than just being pre-qualified.

Click here go Pre-qualify Now!


About Us  |  Purchase Mortgages  |  Reverse Mortgages  |  Refinance Mortgages  

Mortgage Pre-qualification  |  Financial Planning  |  Mortgage Rates  |  Mortgage Calculator 

  Debt Consolidation  |  Privacy Policy  |  Contact Us  |  Home Page  

First Niagara Mortgage
8 Airline Drive Albany, NY 12205
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1-800-724-1329 ext. 547
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