Strategic Points Group Massachusetts and Rhode Island Real Estate
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Contact us: 1125 State Road, Suite 4 - Westport, MA 02790 or at PO Box 826, Raynham Ctr, MA 02768
Phone: 508-636-2800 - Fax: 866-838-6190

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Pre-qualification vs. Pre-approval
  Getting pre-qualified helps you determine how much home you can afford, based on a specific financial information you share with your lender. The lender does not verify this information, and consequently there is no guarantee you will qualify for the loan amount.

Getting pre-approved requires that the lender verify your financial information, and does serve as a commitment to lend a specified amount based on that verified information. This gives you significant buying power with a seller who recognizes you will be approved for a loan.

What's pre-qualification?
Pre-qualification is an informal discussion between borrower and lender. The lender estimates the amount that you can borrow based solely on what you tell them about your income and assets. The lender does no verification and is not bound to make the loan when you're ready to buy. On the other hand, loan pre-approval is based on documented and verified information regarding your employment, your income, your liabilities, your assets and the cash you have available to close on a home purchase.

To get pre-qualified, Click Here


How is pre-approval better?
To a seller, a lender's pre-approval letter is considerably stronger than a pre-qualification letter. If a seller knows your financing is secure, your offer is stronger. Pre-approval also gives you peace of mind as you shop for a home, knowing that you will qualify for the proper mortgage amount.

To get pre-approved, Click Here


FICO Score
Home buyers who are seeking a loan find out early-on that their credit scores play an important part in the loan approval process and in determining the interest rate that a lender offers. A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills.

FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages below reflect how important each of the categories is in determining your score.



These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.

Each time your credit report is pulled, it is run through a computer program with a built-in scorecard. Points are awarded or deducted based on certain items such as how long you have had credit cards, whether you make your payments on time, if your credit balances are near maximum, and assorted other variables. When the credit report prints in your lender's office, the total score is displayed. Your score can be anywhere between the high 300's and the low 800's.

Your credit score is more important factor in approving mortgage loans. Model builders strive to identify the best set of variables from a consumer's past credit history that most effectively predict future credit behavior.

FICO actually stands for Fair Isaac and Company, which is the company used by the Experian (formerly TRW) credit bureau to calculate credit scores. Trans-Union and Equifax are two other credit bureaus who also provide credit scores.

No matter what your score Strategic Points Group has a mortgage program that can work for you.

    New Mortgage
    Refinance
    Home Equity
    Debt Consolidation
    Construction

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Before You Begin to Shop
Finding a loan can be a confusing experience; you're likely to have questions about the mortgage process. At Strategic Points Group, we're committed to helping you understand it so you can rest easy and enjoy the satisfaction of owning a home. Whether you need money to purchase your first home or second home, to build a new home, or to refinance your present home to lower your rate or payment or provide cash for any reason, we have "the solution".

Mortgage Programs:
  • First Time Buyer
  • Imperfect Credit
  • Non-Verification
  • Construction/Rehab
  • No Points/No Closing Costs
  • Investment Property
  • Home Equity
  • Home Equity Line of Credit
  • Stated Income Programs


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