When gathering information on mortgage approvals, sensory overload may be something to look out for. There are numerous myths out there that can point your mortgage compass in the wrong direction.
That’s why our team of mortgage experts is on standby to make sure that you can avoid the common approval myths that are circulating around the market today.
Any sort of loan or mortgage incorporates the nature of your credit score, as credit is the modern building block of lender trust and also your paper trail of financial stability. The modern lender understands that a flawless credit score will increase the likelihood of approval. However, the nature of the world of personal finance is not without its flaws, and most lenders understand this. So if you are sporting less than polished credit, don’t panic, there are systems in place to help you still acquire approval if this is the case.
Pre-Approvals vs. Pre-Qualifications
This is a big one, the world of financial vocabulary is a large one, and odds are, wires will sometimes get crossed when researching two subjects that tread similar ground. Pre-approval is the primary goal of the early stages of any mortgage and locks in a competitive mortgage rate for a set number of months. Pre-qualification on the other hand doesn’t operate under a timeline, however, your amounts are non-competitive, so keep that in mind.
The Nature of Denial
Denial for approval can hit hard and may seem like the undoing of months if not years of hard work. However, your mortgage journey does not end here. Talk to our team of mortgage experts to learn about the number of solutions that are available in the event of a mortgage denial. We’ll use all the tools at our disposal to get you back on the right track and into your dream home!