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Blog entries tagged with "prequalification":
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Pre-Qualification vs Pre-Approval
During the initial interview with a new buyer client one of the first questions that I ask is "are you prequalified for a loan?" If they say "no", I recommend that they speak with their lender before we start looking at specific homes.
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)
Waiting to jump into the market to take advantage of the now lower home prices? While you are waiting, get your credit card balances paid down. New changes being proposed would require higher minimum monthly payments for consumer credit cards and the higher minimum payments will reduce the borrowing capacity of … (2 comments)
Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where … (1 comments)
FREE FIRST TIME HOMEBUYERS SEMINAR!
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?
Everybody knows loans have changed...or do they?
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)
FHA Loan Guidelines | FHA Home Loans and Mortgages | Genesis Mortgage | Atascocita, Humble, Kingwood, Summerwood, Summer Lake Ranch, Eagle Springs, TX, Texas | Jeremy Williams Keller Williams Realty NE | Ashley Van Meter 
FTHer Series - 8. Pre-Qualification VS. Pre-Approval
Thinking of buying a home? Take time to get your finances in check BEFORE you go house hunting. While there are many good deals on the market today, you must have your mortgage plan in place before you submit an offer! 
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:
I hosted a few open houses for the US home auction the past couple of weekends and I could not beleive the foot traffic of clients coming through the door. Approximatley 150 people came through an open house located in Dublin California. This auction buzz definetly attracts a lot of people … (5 comments)
Before going out to shop for a home, you really should have a good idea of what you can afford. In fact, if you are working with a real estate agent, chances are they will require you to be pre-qualified before looking at homes. You can get a ballpark idea of … (0 comments)
New Pre-Qualification Tool on EdNailor.com
Here is a summary of the steps that you will take from your home search to closing. If you are a first time buyer, don't be overwhelmed by the number of items listed or their complexity. As your real estate professional, along with your attorney and loan officer we will guide … (2 comments)
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.
What is the difference between pre-qualification for a mortgage and pre-approval for a mortgage? Many times these two terms are confused with one another. They really are very different.
The Difference Between Being Pre-Qualified and Pre-Approved
How much home can 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 disappointment … (0 comments)
An interesting question that I forget we should not assume that everyone knows the difference between pre-qualifying & pre-approval for a loan. The basic difference is a:
So you're planning to buy Real Estate in Maine? You've come to the right place! If you've read Step 1 and Step 2, then you've met with your lender, sat down with your Real Estate Agent and defined your wants and needs, and you're ready to start looking at houses! 
I got a call yesterday from a prospective buyer, a first time home buyer who had just found his dream house. It was a referral and this was the first time I had talked with him.
Mortgage brokers need to do a lot more research before they issue a pre-qualification letter to a buyer. It's becoming a lot more common to see buyers going around thinking that they are valid buyers capable of making a lot of people go out of their way in order for them … (0 comments)
Let me start off by saying that getting a Pre-Qualification or a Pre-Approval letter from a mortgage person in today's market does NOT guarantee you that the loan will make it to a closing or funding, regardless of how knowledgeable their mortgage person may be. Nobody can guarantee a closing in … (4 comments)
It's not as hard as you might think...
As we all watch the sub-prime market crash and burn, we need to recognize that there is enough blame to go around. More than enough. The federal government is in the process of dreaming up ways to help solve this problem, but a big part of this problem is unadulterated greed, … (1 comments)
A FEW POINTS ABOUT INTEREST RATES!! Less is more 
Pre-Qualifying A Buyer In Today's Market
My in-laws were visiting last night, and the subject of our recent meltdown in the mortgage industry was brought up by my father-in-law. He's currently building a speculative home and wondered if he would be able to ever sell it. He had a number of questions about the market, and one … (1 comments)
Confusing prequalification with preapproval can mean disappointment for a home buyer. Buyers need to become preapproved by their lender - not just prequalified. 
Are you pre-qualified or pre-approved for a loan?Before you begin to shop for a new home, you should set up a time to meet with us so we can figure out how much you can afford. This will put you in a better position as a buyer. That's when it is important to … (3 comments)
A common objection every loan officer encounters is someone who does not want his or her credit checked for a pre-approval or a for a loan proposal because they do not want to hurt their credit score. The mortgage industry is partly to blame for this, as many brokers/lenders have told … (6 comments)
You think you're ready to buy a home. You've saved some money for a down payment and you have a pretty good job. You've been on your job for more than a year. You know the general area where you want to live. Today we're going to take the next step … (1 comments)
Dan Green over at Bloodhound Blog has a timely reminder for all Realtors to look at their existing pipeline and take a few minutes to have their customers requalify with their lenders. As Dan points out the last few weeks have seen mortgage rates jump as much as .75%; which puts … (5 comments)
What is a pre-approval, what is a pre-qualification, and what is a loan commitment letter? Why would one be better than the others?
Choosing the right lender is a key element to managing your mortgage. As a mortgage planner, my goal is not just to provide you with a loan, but also to help select the one most beneficial to you and your long-term goals, and then, help you manage that debt over time. … (0 comments)
First, that guy you see (my avatar) pulling at his hair is NOT me! He represents the borrower/home buyer/Real Estate agent who is freaking out over the confusion of trying to find the best mortgage for themselves or their clients. 
There seems to be a little confusion among consumers when it comes to pre-qualification. To be best prepared to make an offer on a home, you should be pre-qualified for the purchase amount. A pre-qualification is usually based on income or credit history and is only a brief snapshot of your … (4 comments)
Hi folks. I don't normally post two days in a row but I need to get this one out of my head. I don't like ranting so let's see if I can turn this ridiculous situation into a learning experience. OK here goes.
Before you start your home search, you should speak with a lender to get pre-qualified for a loan. A pre-qualification is an unofficial estimate of the home you can afford without having turned in all the necessary paperwork and application necessary to process the loan. This will help you and your agent concentrate … (3 comments)
Here we go, a more and more common scenario I've been seeing lately. A young lady called me because the mortgage broker she had been working with a few months ago has closed its doors. She had a whole scenario from them about getting a purchase money loan. It went something … (8 comments)
While talking with a new client yesterday, I heard the dreaded answer when I asked "Are you pre-qualified?" The dreaded aswer was "My brother-in-law does home loans. He said I should just start looking and we would deal with that later." Let's go over why this is not a good scenario.
How much you can afford? Depending on your situation, a budget can affect everything from your new neighborhood, to the typ of home, and even the type of financing.
A regular topic in our business is the quality of pre-qual and pre-approval letters from lenders. This has been a serious issue in several of transactions. I have gotten to the point that a letter from certain lenders is worthless in my opinion; while others come from true professionals. I give … (67 comments)
Pre-Qualification and Pre-Approval
Well, you are considering selling your home and you want to get on the phone or pick up a local real estate selling book and pick an agent.....Right?
Pre-Qualification consists of a discussion between a home buyer and a loan officer. The loan officer collects basic information regarding the customer's income, monthly debts, credit history and assets, and then uses this information to calculate an estimated mortgage amount for the home buyer. The pre-qualification is not a full mortgage … (2 comments)
The preapproval letter is a tool typically drafted by a loan originator to be used by a buyer's real estate agent when presenting an offer on a property. The letter may be in the form of a certificate or be an actual letter on the lender's letterhead. The preapproval letter is … (5 comments)
A: Although there is no 100% guarantee, your best bet is to ask for a pre-approval letter. To receive a preapproval, the buyer needs to meet with the lender and fill out the loan application. The lender then checks the buyer's full credit report, looks for any discrepancies or potential red … (4 comments)
And Own a Home of your own in 2007!
My goal is to make my Real Estate Partners Job Easier......Here at Wells Fargo Home Mortgage we want to make your job easier so that you can concentrate on getting more deals and we worry about funding those deals. In all 50 states!
Qualification
Dear Reader,
Yes, indeed, much to the surprise of even local agents. Here in St. Petersburg, Florida. with an absorption rate of 10.5% on single family homes and a 6.2% absorption rate on condos, when a property is priced right, we do still - occasionally - have multiple offers (which again says the … (3 comments)
Applying for a mortgage can be a daunting experience.