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Everything You Need to Know About Mortgage Pre-Qualification

Unless you are planning to pay for your new home completely with cash, you’ll need look toward other financing opportunities, like a mortgage, in order to get the home of your dreams.

Navigating the world of mortgages can be daunting at first, especially considering the many stages and terms you will likely come across even in your research stage. In this blog post, we will take a closer look at the concept of a mortgage pre-qualification so that you can be a bit more prepared to start the process of financing your new home successfully.

What Is a Mortgage Pre-Qualification?

A mortgage pre-qualification is essentially an estimate of how much money you can realistically borrow from a lender. It’s an official statement that takes into account your finances based on the unverified information you provide to a lender and establishes the amount you may qualify for based on that information.

Pre-qualification is often one of the first steps potential homeowners go through when looking to finance a home. Luckily, pre-qualification can be easily done, even remotely, as the lender will only need certain information from you to see how much money you may be able to borrow. This information can sometimes include:

What Is the Difference Between Pre-Approval and Pre-Qualification?

Pre-approval is a much more common term potential homeowners will likely come across. The reason is because pre-approval is a more formal process than pre-qualification.

With a pre-qualification, consumers can receive a written statement that they may qualify to receive a loan from a particular lender, coupled with the type of program and the amount of money they may be able to receive if the information they provided to the lender is accurate. Receiving a pre-qualification is not a guarantee you will be approved.

Pre-approval, however, takes matters a few steps forward. To receive it, a consumer must provide verification documents, which may include paystubs, bank statements, and other relevant documents necessary to determine if the consumer may qualify for a loan or not. Receiving pre-approval from the lender makes it far more likely that the consumer will receive the loan, as the process itself is much more in-depth. Still, a pre-approval is not a commitment to lend and a consumer will need to submit a complete application in order to determine if they will be approved.

What are the Advantages of Mortgage Pre-Qualification?

Banks and other financial institutions often have their own requirements for who can qualify for a mortgage. If you also factor in the different types of programs the lender might have, getting pre-qualified may help you decide if you should move forward with a particular lender when trying to finance your loan.

It’s important to keep your options open and research several lenders to ensure you work with a lender that is right for you. Asking for pre-qualification may help you determine which of your chosen lenders has the right program that suits your circumstances.

CSMC Mortgage May be Able to Help

If you’re looking to buy a new home, CSMC Mortgage is happy to help you navigate the prequalification or pre-approval stage, as well as the loan application process. We offer several loan types and programs aimed to help potential homeowners reach their dreams. Our team will help advise you throughout the process to find a type of loan that suits your needs.

If you’re interested to learn more, we encourage you to reach out to CSMC Mortgage directly and discover your home financing opportunities.

mortgage pre-qualification

“Mark, Darci & Co were wonderful to work with! They were responsive, managed a complex buying situation with ease, incredibly communicative and always ensured I was caught up with what was going on and where I was in the process. Heavily recommend!”

- Zach J.

“ My experience is always fantastic & seamless. Mayen Grigorian is a true professional. He’s honest, he goes above and beyond, he’s efficient, always available and knowledgeable. I never have to call for updates he beats me to it and sends updates regarding the loan. Our clients are very happy and we’re very happy! Five star service, I can’t say enough good things about Mayen as a person and a professional. Hands down! He’s The Best!”

- Taline S.

“This review is about Mark and Darci Richardson from CSMC Mortage in Simi Valley. This team is the BEST! For the past 12 years our home was "underwater" due to the "crash" in 2007, and unable to do anything with the mortgage except pay it. These two kept on top of things and finally the house qualified to REFI. We just completed everything and it closed last week... and they saved us over $900 a month!! That's a huge savings for a couple of senior citizens! We are SO happy now and finally can breathe. Thanks to Mark and Darci and CSMC Mortgage for following through, jumping through all the hoops necessary and helping us out! I can't recommend them more... they are the BEST!!!”

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“Faye helped me purchase my first home last year. She was very professional and worked very quickly to help me procure financing. She made herself available around my schedule and took the time to explain my options for financing to help me get the lowest rate possible. Would highly recommend her to anyone looking for someone that is professional, highly knowledgeable, polite, and responsive.”

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“Laura Hertz is the best lender I've ever worked with in my 25 years as a Realtor. I never have to worry that she has things handles and she always performs in the best way possible. I also know that she is an advocate for my buyers and not only does she meet their expectations but she exceeds them! She is my lender for life!”

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“Darci, Mark and their team of professionals made the purchase for our amazing buyers absolutely seamless. The level of service they provide is second to none! They delivered the best rate and the best terms for the clients. Mark and Darci are very transparent with their fees and have a stellar reputation in the community. I highly recommend Darci and Mark for all your mortgage needs!”

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