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Are you considering buying a home but not sure where to start? Our Mortgage Loan Officers are experts and are here to help. The first step in your home buying process will likely be a pre-approval for your mortgage. Many first time home buyers don’t know what that means, so we asked Loan Officer Chelsea Stanton to clarify. 

What is the difference between a pre-qualification and a Fairway Advantage pre-approval?

Stanton says, “When you are ‘pre-qualified’ it means that based on the information you provided on your initial application it APPEARS you will qualify for a home, but it is much less strong and less certain than a Fairway Advantage Pre-Approval.”

The difference is that a Fairway Advantage Pre-Approval is actually fully reviewed, information , income, assets, credit has all be reviewed through processing and actually underwritten except for certain property details such as a sales contract, clear title search, and property appraisal. What this means for you is that when you make an offer on a home you are confident that there will be no bumps in the road, you’re already done all the hard work up front! 

It also gives you a leg up on the competition which is this current housing market is a HUGE Advantage (hence the name Fairway Advantage). When your agent and loan officer speak with the seller’s agent, assuring them you are already fully underwritten and with all aspects of your file verified, it makes your offer look much stronger than a pre-qualification from a big box lender. 

It shows them that when you make an offer, it’s nearly ready to close. Not many other buyers can say that! Stanton says that “Once you have your Fairway Advantage approval, your offer can compete with a cash offer; you know exactly what type of loan and how much of a loan you can have, we can also close very quickly once appraisal is received.” She continues that “The best part is that it takes all the stress and hard work out of the way up front rather than being stressed waiting for your home to close, and hoping nothing comes up. With the Fairway Advantage pre-approval income, assets, credit are all reviewed up front to avoid unwanted surprises!”

Ready to buy a home? Contact us today to find out more!

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*Fairway Advantage pre-approval is based on a full review of the borrower’s creditworthiness and is contingent upon there being no material changes in the borrower’s financial condition or creditworthiness at the time of final loan approval. Final loan approval is subject to the following conditions: (1) borrower has identified a suitable property, and a valid appraisal supports the proposed loan amount; (2) a valid title insurance binder has been issued; and (3) borrower selects a mortgage program and locks in an interest rate that will support the pre-approved monthly payment amount. Loan must close before the expiration date provided in the pre-approval. Please note that submitting verifying documentation is not a requirement to receive an estimate of closing costs associated with a mortgage loan.

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