ClearPath™ Application Process
- Ryan Murray, CFP®
- Mar 7
- 7 min read
Updated: Mar 14
Most mortgage application systems and processes are designed to capture leads, not empower borrowers. ClearPath™ changes that by providing clear options, upfront expectations, and full transparency at every stage of the mortgage process. Whether you prefer a fully automated process or a highly personalized experience, our system is designed to cater to your preferences, ensuring clarity and support every step of the way.
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.
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-Approval application will produce the most accurate Rate 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 addition to receiving a rate quote and closing estimate, you'll have the option to work closely with your Loan Officer to ensure you'll qualify once you're ready for the final Pre-Approval.
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
Will I pay a Mortgage Broker Fee?
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. To learn more, visit our "What is a Mortgage Broker?" article.
How do mortgage brokers differ from banks/retail?
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.
Pre-Qualification vs Pre-Approval?
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.
Will applying impact my credit score?
It depends on the type of application you choose. Quick Quotes are based on your estimated credit score and do not involve a 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.
How long does my Pre-Approval last?
For most loans, 90 days. Some loan types allow up to 120 days. The expiration date is based on when the hard credit pull took place and will be listed on the pre-approval letter. If the pre-approval expired and you're still pursuing financing, you can simply let us know and we'll request updated income and asset documentation through the application portal.
Can I Transition Between Application Types?
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.
What Application Type is best for me?
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. Can easily move forward with a Pre-Qualification or Pre-Approval as your next step.
Pre-Qualification – A good choice for buyers who want a preliminary assessment of how much they may qualify for, using a soft credit pull. Helps with planning but doesn’t carry the same weight as a pre-approval. Can easily move forward with a 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.
Custom Rate Quote vs Pre-Qualification?
A Custom Rate Quote and a Pre-Qualification both provide a personalized rate based on a soft credit pull, but they serve different purposes.
A Custom Rate Quote is designed for borrowers primarily focused on comparing interest rates. It generates a tailored rate based on your credit profile but does not assess income, assets, or full loan eligibility.
A Pre-Qualification provides the same custom rate quote but also evaluates whether you qualify for financing. It takes a deeper look at your financial situation and helps prepare you for a Pre-Approval. If your goal is to move toward securing a home loan, a Pre-Qualification is the better option. If you're primarily focused on rate shopping, a Custom Rate Quote is the right choice to start before transitioning into a Pre-Qualification and/or Pre-Approval.
