Members: 102,594 -
2,496 Online Now
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Blog entries tagged with "preapproval":
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers
and brokers listed on this site. These real estate profiles, blogs and
blog entries are provided here as a courtesy to
our visitors to help them make an informed decision when buying or selling a house. ActiveRain
Corp. takes no responsibility for the content in these profiles, that are written by the members
of this community.
© 2007 ActiveRain Corp. All Rights Reserved 
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Here is yet more motivation to get out there and get those buyers off the fence. The Federal Open Market Committee decided to keep its target for the federal funds rate at 2 percent. There was one dissenter on the committee who said that he recommended that they raise the target … (0 comments)
How much home con you afford? How do you even begin to find the answer to that question? You've probably heard terms like "pre approval" and "pre-qualification" tossed around, but do you understand the critical difference between those two? If your answer is "no" then please read on to avoid major … (0 comments)
The other day I was working with my realtor & she asked me, "So are my clients pre-approved yet?" I told her no, they are pre-qualified & I'm waiting for their documents to get them pre-approved with my lender. And I started thinking to myself then, why am I working my … (7 comments)
You're looking for a home and you need a mortgage. You want the best interest rate for your mortgage that is available. What determines the interest rate you qualify for? Your credit score does.
… (0 comments)
Two words ...FHA & AmeriDream :) or even using conventional loans and AmeriDream.
The Benefits of a Professional Consultant
It's no secret. Buying a home is not as easy as it used to be. Gone are the days when you could NOT have perfect credit, NOT document your income, NOT put any money down and still get a loan. As a result, real estate agents are starting to notice … (4 comments)
Do you know your Credit Score?
Questions to ask your lender
In today's market there is a lot, and I mean A LOT of miscommuncation out ther as to what the difference between a pre-qualification letter vs a pre-approval letter. Sadly the terms are used interchangably and their meaning has, as a result, lead to much confusion in the marketplace.
Pre-Qualification vs Pre-Approval
Seek Pre-ApprovalWhat's the difference between pre-qualification and pre-approval?Pre-qualification is the starting point in your search for mortgage financing. A quick snapshot is taken which includes income, existing debt, savings, length of employment, etc. All of these factors will then be analyzed to determine your loan eligibility.Pre-approval is written documentation that shows … (0 comments)
In April, I talked about the fact that Buyers seemed to be very prevalent in the market place. They were no longer sitting on the fence and the deals they were getting were exceptional.
PRE-APPROVAL
Get pre-approved for a mortgage. When you select a lender, have your credit report pulled along with all the other documentation needed to get a mortgage commitment. Don't just get a letter from your lender stating you are "pre-approved." You can still get turned down after a home is found … (0 comments)
10 Ways to Prepare for Homeownership1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. 2. Develop your home wish list. Then, prioritize the features on your list.3. Select where you want to live. Compile a list … (0 comments)
This business of purchasing a home involves so many whirling emotions, sometime folks need a little advice on the best order of what to do when.
The most important thing is defining your goals and timelines. Evaluating if now is the best time to buy a home, perhaps looking at the … (0 comments)
Yesterday, I had to sit down with a client that I've been working with for the past four months to help her and her family buy their first home, and give her some bad news. In the beginning, I sat them down, did all the speeches and gave them the stories … (22 comments)
It's a great time to buy a new home, but what if you don't have a ton of cash to shell out for a downpayment? The USDA Rural Development Guaranteed Housing Loan may be what you've been looking for.
You may be a stronger buyer than you think!
I have had several buyers living in apartments that wanted to get out of the apartment living and buy a home. They felt it was just a dream and didn't know where to begin to make it real. It starts with … (0 comments)
Budget Basics Worksheet
Scoring your Credit - How's your FICO?
First off let me thank you for all of the past business and congratulations for still being in business as well. As you may or may not know pending home sales increased over 6% last month, giving us some hope that this real estate downturn may be over. I have clients … (0 comments)
Depending on where you live, you've probably had some spectacular days to remind you of what's in store over the next few months. Meanwhile, your home is in need of some TLC this month, so let's get right to it. Since we received such a positive response to last month's top … (0 comments)
Wheather you are a Business Owner or a Commercial Realtor working with commercial buyers, it makes sense to get Pre-Approved for your Commercial Mortgage.
I just came across a blog post in which the writer did not much like the fact that lenders who both originate and service loans insist on having a potential buyer pre-approved by the lender-servicer's lending side. The blogger's complaint was regarding Countrywide -- a company that I, personally, don't care … (4 comments)
It's a tough market out there. Sure is. The Triangle is strong, but not immune to market forces. Why make it worse for yourself as a Buyer?
All I want to do is write an offer for a qualified buyer. They are qualified with another lender, but this is a Countrywide REO. Of course it's going to be miserable. 
So I received an offer on one of my listings! I should be excited right?! Well, the pre-approval letter is from a no-name broker. I called the loan officer to verify the buyer's approval status. When I asked if she could verify that he had his downpayment, she said no, but … (9 comments)
Buying a home is one of life's most exciting times and it is one of the biggest personal investments a person will ever make so why not get better prepared? The more prepared you are in the beginning, the less overwhelmed you will be. Learn the steps in the home buying … (0 comments)
Not long ago, easy money and low rates were readily available. In today's market, however, that's not the case. It's important to shop around for a mortgage and get preapproved by a lender before you even start visiting open houses. 
Getting pre-approved by an experienced lender will determine your house price range so you will know how much house you can afford before you even start looking for a home.
One of the most important reasons to be PRE-APPROVED early on in the home buying process is to make sure you are comfortable with the monthly payment and the amount of money you would be required to bring to the closing table. Loan programs and guideline changes are happening so rapidly … (0 comments)
In today mortgage lending environment, it is important for buyers to understand that the loan programs that are available today may not be available on the day that they decide to submit an offer. Yes it's true, in most markets there is a large supply of homes for sale and … (0 comments)
Hi Everyone,
Here is some more great information on credit repair. Yes, credit repair is possible if done correctly and you should not have to pay an attorney an excessive amount of fees to get it done. This has some tips on how to potentially boost your score by 50 points! … (1 comments)
Pre-qualifying for a mortgage allows you to visualize the monthly payment and costs incurred with home buying. It's during this process that a loan program is chosen to best fit your needs. How do you begin this pre-approval process? Simple, with one stress-free phone call. To help you even further, I have … (0 comments)
Around Summer, 2005 I was at a pool party down in Orange County. It was at a close friends of my wife. My wife's friend has a cousin David, like her in age: mid 30's. He married his wife Shanna going on five years. They have two brilliantly beautiful kids Lilly … (1 comments)
Does it really make a difference?
Just about the most fun you can have is to dive into house shopping on the internet. I'm not going anywhere anytime soon, and every once in a while, I do a quick search and get dreamy eyed and excited about houses that are on the market. It's wonderful - all … (7 comments)
It's not just me. Talking with agents from other firms and to agents within my company, there seems to be a real spike in buyer activity.
Charlotte Area Firefighters: You too can buy a home for Half Price!
But . . . you don't know how to get started?
Everybody knows loans have changed...or do they?Every week I talk to buyers who don't know loans have changed. In many cases, people need 5-10% or more, depending on the type of property. Many buyers don't know this!If we show homes without asking the critical questions, we're doing ourselves AND the public … (2 comments)
Hey AR,
Used to be that when someone wanted to buy a home, they spoke with lender, found out what they could buy, got a pre-approval letter, and then made an offer as a qualified buyer. Today that has changed. This doesn’t mean that they can’t qualify at all. It’s is just that … (0 comments)
Confidential Mortgage ApplicationObtain the Best Rates & Lowest Closing CostsWhen you are ready to purchase a home, it makes sense to negotiate from the strongest position possible. In a strong real estate market, sellers can be more selective in the final buyer they choose to negotiate with. In such a crazed … (0 comments)
ADVANTAGES OF GETTING A PRE-APPROVAL FOR A MORTGAGE LOAN
If you have been pre-approved for a mortgage then you have given a lender authority to check your credit report and most likely also given them access to your financial data.
In return, the lender has agreed to give you a mortgage … (1 comments)
No matter how many times you try to explain what a short sale is and what is involved, it is always a good idea to set expectations at the very beginning. Then follow up with a written explanation -- be it an outline, an email, a question and answer ---- anything that the … (2 comments)
1. Interest rates are usually locked for a set period. Getting pre-approved will let you know in advance exactly what your payments will be on offers you choose to make.2. You won't waste time considering homes you cannot afford.3. You can select the best loan package without being under pressure.4. Most … (0 comments)
You and your clients have gone out the last few weekends together to look at houses. You have sent, and they have looked through countless listings online and today they found their dream home! Are they ready to make an offer? If they are not pre-approved there is a chance that … (6 comments)
From the Desk of Don Draughn, Mortgage ProfessionalWebsite: http://ahfmortgage.elliemae.net/ddraughn In Part One of this series, we looked at how important it is to Find Out What is on Your Credit Report. Once you know what is there, you can either move to the next step - obtaining mortgage pre-approval or working on … (4 comments)
Since December 2007, mortgage lending guidelines have changed very quickly and often without notice. 
This actually comes before my previous blog: First Things First: Pre-approval to Purchase a Home. Getting Your Finances in Order.1. Develop a family budget. Instead of budgeting what you'd like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of … (2 comments)
Seems like I've been hearing this a lot lately. Probaly a dozen times at least in the past month. Many buyers are calling and e-mailing and expressing their desire to look at homes or start their search without having a pre-approval or even having talked to a lender. Inevitably buyers feel … (10 comments)
The purpose of this post is to help Carlsbad and Calavera Hills Sellers to better understand pre-approval letters from potential buyers. When an offer is presented, or within a short time frame of when an offer is accepted, buyers who are obtaining financing are typically required to present their mortgage pre-approval letter to … (0 comments)
FTHer Series - 8. Pre-Qualification VS. Pre-ApprovalWhen you become serious about buying a home it's imperative to become pre-qualified or pre-approved for a loan. Both are thumbs up from the lender that states how much you're able to afford. It makes sure aren't looking for homes you can't afford or let's you know … (0 comments)
Coming from a Lending point of view I usually ask what is your goal. Whether it is a purchase or a refinance. Once I establish that we are purchasing a home then we start.
WHAT ARE YOU GOING TO DO WITH YOUR TAX REFUND? 
When buying a home, there are two stages in the home loan approval process.Stage 1 starts when a homebuyer submits a mortgage application to his loan officer for a pre-approval. A pre-approval is a "walk-through" mortgage approval that says -- at a given purchase price and downpayment amount -- the home … (0 comments)
As my business grows, I get more and more questions from both buyers and sellers as to why I require preapproval to show a house. There are dozens of benefits to sellers and buyers in any market. Here's the basics:
… (2 comments)
It's that time again! Time to check your credit. 
When I was first licensed in real estate, back in the stone age, we used to be able to take things upon their face value and accept that what was written on paper was actual fact. So much has changed since those days. And, I'm not sure it's for the better … (4 comments)
As Realtors in Tipp City, we love to show homes to potential buyers. However, there are only a few things more frustrating when searching for a new home than falling in love with a house that simply doesn't fit your budget. So before you begin looking for a new home, work … (0 comments)
I had a call today from someone who was looking to buy a home, well he said he wanted to buy a home and we made an appointment for him to see one..... but when I mentioned in the meantime he needed to get pre-approved... he didn't like that idea.
House hunting? Now is the perfect time to to arrange your home financing. Understanding your mortgage options now gives you an advantage as you negotiate your home purchase.
As a prospective home buyer, starting the financing process early will allow you to get a firm handle on your interest rate and estimate of points and closing costs. If you do this before finding a home, time constraints are less likely to effect your home purchase and will strengthen your … (0 comments)
Pre-approval and pre-qualification are two different things. During the pre-qualification process, a loan officer asks you a few questions, then hands you a "pre-qual" letter. The pre-approval process is much more thorough.