Berj Arakelian discusses the difference between being pre-qualified vs. pre-approved for a mortgage.
Listen to the interview on the Business Innovators Radio Network:
Berj explained: “When you’re ready to buy a home, the first step is to figure out how much house you can afford. This involves looking at your income, debts, and credit score to get an idea of what kind of mortgage you’ll be able to qualify for. Once you know this, you can start shopping for homes within your budget. One important thing to understand is the difference between being pre-qualified and pre-approved for a mortgage. Many people think these terms are interchangeable, but there is a big difference between the two.”
Pre-qualification is the first step in the mortgage process. When someone is pre-qualified, a lender has looked at their financial information and determined how much money they’re willing to lend. This is based on factors like income, debts, and credit score. Pre-qualification is an excellent way to get an idea of what kind of mortgage someone will be able to qualify for, but it’s not a guarantee that they’ll get approved for the loan.
Pre-approval is the next step after pre-qualification. When someone is pre-approved, a lender has looked at their financial information and determined that they’re likely to be approved for a loan up to a certain amount. This gives them more certainty when shopping for a home because they know how much money they’ll have to work with. It’s important to remember that pre-approval is not a guarantee that they’ll get the loan, but it’s a good indication that they’re on the right track.
Both are essential steps in the home-buying process, so it’s best to understand the difference before shopping for a home.
Client Hilda L. says: “Berj was on top of everything from start to finish. Every time an issue or problem came up whether it was underwriting, appraisal, etc., he had a solution. He was very responsive to all emails and telephone calls and handled the whole process very efficiently. He got us a great rate and did what he could to lower the loan cost where possible. There were no surprises at the end. He accomplished what the loan broker we first worked with could not do.”
About Berj Arakelian
Berj Arakelian is a doting husband and a proud father of two hyperactive boys. He is also the expert you need to handle all your mortgage affairs smoothly, from start to end, while saving you a lot in time, costs, energy, and frustrations. His skill as a salesman comes naturally, and he has had a lot of years to hone it to perfection and integrate it into the mortgage industry to become a part of his lifestyle. Consequently, it’s easy for him to connect with his clients and liaise with listing agents and home sellers.
Before he got into the mortgage industry, he owned and operated a chain of retail stores generating over $4+ million annually. And in the subsequent years, proceeded to complete over 2,000 financial transactions for families and businesses in the finance, estate, and mortgage industry.
His experience has spanned an incredible track record, specializing in new home purchase, cash-out refinance, high-balance and jumbo loans, and self-employed borrowers. Today, he operates in San Diego, California, with multiple recommendations as a Certified Mortgage Planning Specialist and a certified Mortgage executive. As a retail Branch Manager with USA Mortgage, he works with clients to develop financial solutions they can benefit from, now and in the future. He is your go-to for all your mortgage-related financial planning. And if you are a first-time home buyer, he goes all out to ensure you have an awesome first-time experience.
He stands out for a lot of reasons, but his clients never get enough of his Premium Buyer package. An opportunity that accords all his clients a competitive edge over their competition, by making them a priority for listing agents and sellers. With him, you accomplish your financial goals and become a homeowner in an effortless, stress-free approach.
Book a planning session with Berj today to get that VIP treatment you deserve.
Learn More: https://www.cmgfi.com/mysite/berj-arakelian
NMLS ID NUMBER: 1695267 • COMPANY NMLS: 1820 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.