ClearPath™ is designed to make transitioning between application types seamless and efficient. While a formal Pre-Approval is the optimal choice for most cases, our goal is to provide flexibility, ensuring you move at your own pace without unnecessary delays or pressure.
Quick Quote
A Quick Quote provides a fast, hassle-free estimate based on the core factors that impact rates. These include loan amount, property type, loan type, loan to value ratio, property usage, income, estimated credit score, and first time homebuyer status. Visit our "Mortgage Rate Factors Explained" article to learn more on the factors that impact rates.
Best For:
Borrowers exploring mortgage rates who want a quick rate and closing cost estimate without needing to complete a full application or credit check. Requesting a Quick Quote can be done in less than one minute and only requires your name, number and email.
Limitations:
Since financial and credit information isn't verified, the quoted rate is only an estimate and may not reflect actual loan terms once a full application is completed.
Some Lenders/Brokers use quick quote features to get a consumers foot in the door, as they aren't official applications subject to more stringent mortgage regulations.
Custom Quote
A Custom Quote requires a brief application (about 5 minutes) and uses a soft credit pull, meaning there is no impact on your credit score. This provides a more personalized rate estimate than a Quick Quote, as it factors in your credit profile and other qualifying information.
Best For:
Borrowers who want a more tailored rate and closing cost estimate than a Quick Quote, while still avoiding a hard credit inquiry.
Borrowers prioritizing rate shopping initially, with the option to start working with the Loan Officer on matters related to qualifying for the loan (Pre-Qualification / Pre-Approval) or Locking the rate.
Limitations:
While more accurate than a Quick Quote, a Custom Quote still does not verify income, assets, or credit, which means the final rate and loan terms could change upon full underwriting. A Pre-Qualification will produce a more accurate rate quote than a Quick Quote.
Unlike a Pre-Qualification or Pre-Approval, Custom Quote requests aren't designed to assist with matters related to qualification. It's primarily designed for those who are purely rate shopping.
Pre-Qualification
A Pre-Qualification is an initial assessment of how much you may be able to borrow, based on a soft credit pull and the financial details you provide in the application. In addition to receiving a rate quote and closing estimate, you'll have the option to work closely with your Loan Officer who will provide a personalized breakdown of your loan options.
It requires a brief application (about 5 minutes) and uses a soft credit pull, meaning there is no impact on your credit score. Uploading documentation isn't required but it's highly recommended so that we can provide the most accurate figures possible. Our goal for Pre-Qualifications is to get you 99% Pre-Approved, leaving the hard credit pull as the only remaining task before you're officially Pre-Approved.
Best For:
Borrowers who want in-depth guidance and analysis on their options to determine what they likely quality for and if they're ready to move forward.
Borrowers who want a more tailored rate and closing cost estimate than a Quick Quote or Custom Quote, while still avoiding a hard credit inquiry.
Often used for those who want to hold off on the hard credit pull until they're certain they plan to move forward.
Great for identifying areas to improve on in terms of assets, income, liabilities or credit score before the Pre-Approval.
Limitations:
A Pre-Qualification doesn't carry the same weight as a pre-approval. For Purchase loans, realtors will require a Pre-Approval.
Soft credit pulls aren't 100% accurate and are subject to change before the hard pull.
Pre-Approval
A Pre-Approval involves completing an application, submitting income and asset documentation, and undergoing a hard credit inquiry. It usually takes about 5-10 minutes to complete. Because all financial details are reviewed upfront, sellers and real estate agents view a Pre-Approval as a strong commitment from a lender. Pre-Approvals are the best choice for the vast majority of cases since they provide certainty regarding whether you qualify and the interest rate you qualify for.
Best For:
Borrowers who want in-depth guidance and analysis on their options to determine what they quality for.
Borrowers who want the most tailored rate and closing cost estimate.
Borrowers who intend to pursue the loan within the next 90 days.
Those looking for a true rate quote based on a hard credit pull with the ability to Lock a rate once that stage of the process is reached.
Limitations:
Unlike the other options, a hard credit pull is required, and income, assets, and employment must be fully reviewed before a Pre-Approval is issued.
Pre-Approvals are only valid for 90 Days from the date the hard credit pull was initiated.
FAQ
Q: Will I pay a Mortgage Broker fee?
A: The mortgage broker model is built around access to wholesale lending, which is specifically designed for brokers to be compensated by lenders, not borrowers, while still offering lower rates and fees to consumers. Unlike retail banks that set their own rates with built-in profit margins, wholesale lenders compete for broker business by offering more competitive pricing. This allows us to secure lower interest rates and reduced fees for you, while our compensation is typically covered by the lender. If a borrower-paid option ever makes sense in a specific scenario, we will disclose it upfront with full transparency, ensuring you always have control over your loan choices. Check out our "What is a Mortgage Broker?" article on our Insights page to learn more.
Q: What Loan Officer will I be working with?
A: You’ll be working directly with Ryan Murray, CFP®, the founder and licensed Mortgage Broker behind Murray Mortgage Solutions. Ryan personally handles all Mortgage consultations and loan applications to ensure every client receives experienced, ethical, and conflict-free guidance.
As a CERTIFIED FINANCIAL PLANNER™ professional, Ryan brings a level of expertise and fiduciary responsibility that most loan officers simply don’t offer. He doesn’t just understand mortgage products, he understands how they fit into your overall retirement strategy, estate planning, and long-term financial well-being. Visit our About Page to learn more about Ryan.
Q: How do mortgage brokers differ from banks?
A: The user experience with a Mortgage Broker and bank/retail lender is the same in many ways, you work directly with us and our loan officers, just as you would with the loan officers at a bank/retail lender. The key difference is where your loan is funded and how that impacts your options, rates, and costs. When you work with a bank or direct to consumer retail lender, you’re limited to that institution’s loan products, rates, and guidelines.
As a Mortgage Broker, we still handle the entire process, but instead of using a single bank’s products, we access wholesale mortgage lenders that fund the loans. These lenders don’t work directly with consumers, they provide funding through brokers like Murray Mortgage Solutions, allowing for lower rates, reduced fees, and a wider range of loan options.
So while the process may feel similar, working with a Mortgage Broker not only provides access to better rates and lower fees but also delivers a more personalized, flexible, and streamlined experience tailored to your needs. Visit our “What is a Mortgage Broker” article to learn more.
Q: Can I transition between application types?
A: Yes, our system is designed to make transitioning between application types seamless and efficient. As you move forward in the mortgage process, you can easily progress from an initial rate estimate to a more detailed qualification or full Pre-Approval without starting over. Whether you begin with a quick estimate, a soft credit pull, or a document review, the system ensures that your information carries over, minimizing duplicate steps. When you're ready to move forward, we guide you through the next stage, making the process as smooth and transparent as possible.
Q: What application type is best for me?
A: Quick Quote – Best for those who want a fast estimate without providing detailed information. Great for early-stage research or rate shopping.
Custom Quote – Ideal for borrowers who want a more tailored rate based on their specific financial details. Requires an application but only a soft credit pull. In most cases, you're better off doing a Pre-Qualification since it will provide a more in depth analysis while still only requiring a soft credit pull. You can seamlessly transition into a Pre-Qualification or Pre-Approval as your next step.
Pre-Qualification – A good choice for buyers who want a preliminary assessment of rates, closing costs and how much they may qualify for, while still only using a soft credit pull. Unlike a Custom Rate Quote which is designed for those purely rate shopping, the Pre-Qualification process will provide a custom rate quote but also hands on guidance regarding your options and how to best prepare for the Pre-Approval. You can seamlessly transition into a full Pre-Approval as your next step.
Pre-Approval – Essential for serious homebuyers planning to make an offer within 90 days. Involves a hard credit pull and full financial verification, making it a strong signal to sellers and realtors. It will offer the most accurate rate quote possible with the ability to Lock a Rate once a property is identified. Pre-Approvals are the best option in the majority of cases. The impact to your credit score is limited.
Q: Will applying impact my credit score?
It depends on the type of application you choose. Quick Quotes are based on your the estimated credit score you provide and do not involve a soft or hard credit pull. Custom Quotes and Pre-Qualifications use a soft credit pull, which has no impact on your score. Pre-Approvals require a hard credit pull, which may cause a small, temporary decrease, similar to applying for a credit card. However, multiple mortgage-related hard inquiries within a short period (usually 14 days) count as a single inquiry, minimizing the impact. If you're unsure which option is best, we’re happy to help.
Q: Pre-Qualification vs Pre-Approval?
A: Pre-Qualification is generally defined as a quick, informal assessment based on basic financial information you provide, along with a soft credit pull that does not impact your credit score. It offers an estimate of how much you may qualify for but does not verify your financial details. Pre-Approval is a more thorough review that involves a hard credit pull and full verification of your income, assets, and debt, giving you a stronger position when making an offer on a home. However, for some clients, a hybrid approach makes sense, where we verify documentation and provide a preliminary qualification while temporarily holding off on the hard credit pull. At Murray Mortgage Solutions, we tailor the process to fit your needs, ensuring you are in the best position to achieve your goal.
Disclaimer: The information provided in this article is for general educational purposes only and should not be construed as financial, legal, or tax advice. Murray Mortgage Solutions is a licensed Mortgage Broker but does not act as a tax advisor or attorney. You should consult with a qualified tax professional or legal expert for guidance specific to your situation. While we strive to present accurate and current information, mortgage rates, guidelines, and program availability are subject to change without notice. We cannot guarantee that we will offer the lowest rate or best terms available in the market. Loan approval is subject to underwriting guidelines, credit approval, and program availability. All scenarios are for illustrative purposes only and may not reflect actual results.