New York State Mortgage Broker Preapproval

Take all the guesswork out of house-hunting!

It used to be that potential buyers would go out and find a house first, and then try to get a lender to finance the purchase. It would take roughly four to six weeks to get a decision on your application. That period of uncertainty was understandably extremely stressful! There were times that all parties waited out the process only to have the buyer get rejected at the last minute!

Today, the entire process is much more streamlined and less worrisome. In fact, it is possible in many cases to obtain a mortgage commitment in less than a minute!

Nowadays, Realtors expect you to be pre-approved or at least pre-qualified prior to beginning your search for a home. Completing the pre-approval process insures that you are looking in the right price range. It also allows you to address any possible problems with your application at the outset, so that you are able to avoid unexpected problems and delays later. It's much easier to take care of problems when you can address them at your own pace. You don't want to be putting out fires after you have a purchase contract in place. This adds undue tension to the situation, and can cause delays that could jeopardize the successful completion of the transaction.

It's easy, it's fast, and it's free!

If you're thinking about purchasing property in New York State, you owe it to yourself to take advantage of our free, no obligation prequalification program. Just complete the form to the right to get started. or call Bob Flynn at 315-727-5137.

Bob Flynn Mortgage Consultant, Salt City Mortgage Fayetteville, NY

Improve your bargaining power
Take the guesswork out of house hunting
Avoid last-minute glitches
Explore your financing options at your leisure
Have plenty of time to collect required documentation
Realtors will want you to get prequalified up front

Prequalification vs. Pre-Approval

Prequalification is the simplest, and most widely utilized form of preliminary screening used by potential buyers as well as Real Estate agents. To obtain a Prequalification Certificate, you would authorize your mortgage consultant obtain your preliminary in-file credit report. The consultant will then ask you about your employment history and income. He or she will also want to get an idea of how much money you have available for the proposed purchase.

Based upon the consultant's review of your income, debts, credit history, and available funds, a Prequalification will be issued (provided all is in order with respect to the above items) that basically states that based upon a review of your income, credit history, etc., you should not have any trouble obtaining an approval from the lender when the time comes.

Pre-Approval - In some cases, it may be necessary to obtain a formal pre-approval from a lender. One such instance arises when you have "issues" in your application that make your case "to close to call" for the mortgage consultant. Rather than taking a chance on either refusing to give you a prequalification when you could have been approved, or saying you were approvable only to find out at the last minute that you weren't, it's better to take the guesswork out it by having the application reviewed by the actual decision-maker (underwriter). In this case, you would receive an actual commitment letter subject to your finding a house vs. the more general Prequalification Certificate. A formal pre-approval generally takes longer to obtain than the Prequalification which can usually be accomplished with one phone call. You may also be charged for the more involved credit report that will be needed. In general, if your application is a straightforward one, the prequalification will usually suffice. If there are any doubts that you will be approved, it's better to go through the formal pre-approval process.

Another situation that often requires a formal pre-approval is the purchase of foreclosed properties. The banks or other entities that are selling such properties usually demand a formal pre-approval directly from a lender. Having a formal pre-approval is good insurance for you as well because many times the deposit that you have to put down upon signing the purchase contract is non-refundable if you win the bid, and then find out you can't get financing. Deposits on standard purchase offers are usually refundable if you can't secure financing.

Bob Flynn is able to assist you with both Prequalification Certificates, and formal lender Pre-Approvals.

Contact bob Flynn today for a no-obligation consultation