Absolutely! Instant PQ was not designed to replace a loan credit application, but rather enhance it. Quite often borrowers and realtors find themselves wanting to get answers to loan questions immediately. Other times, borrowers want to apply after they know they can qualify for the loan or what their interest rate would be. Often realtors and borrowers don’t feel like talking to someone but still wanting to know if they would qualify for financing. Sometimes borrowers want to find a house first and only apply once they find the house, just to find out once they find the house that they do not qualify for the loan. Instant PQ provides a solution to all of the above-mentioned problems and goes even much further.
What is the next step?
The next step is to select the loan you would like to have based on the offered options, and apply for financing. When you do, you will then enter sensitive information and you will pull your own credit report on the spot. You will be able to see it and download a copy. The system will recalculate your debt and a prequalification letter will be automatically issued.
What do you do with my information?
Hopefully give you loan! In all seriousness, we do not sell your information to anybody. Your information is used to evaluate the feasibility of you qualifying for a loan, hoping that we will be assisting you to fund that loan.
How accurate is Instant PQ?
As long as the information you entered is accurate, the pre-qualification is very accurate. Whether knowingly or not, if you entered wrong information, the system will give you the wrong answer.