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Blog entries tagged with "prequalified":
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Before you start house hunting, it is wise to find out what homes are within your price range. This can be done through the simple process of prequalification. To prequalify you, a lender or real estate agent uses financial information you provide to estimate the maximum mortgage you should be able … (2 comments)
One of the biggest mistakes a buyer makes when buying a home is not getting pre-qualified. It is imperative to line up your financing BEFORE making an offer. The right home with the wrong financing can be a disaster, just ask the folks who are now in foreclosure who obtained adjustable rate mortgages … (0 comments)
Acouple of days ago in one of my posts, I lamented the fact that some people don't like us very well. In response to that, here are 10 reasons sellers should show us some us some love.
Is one better than the other? Are they different from one another? The answer is Yes, and Yes. 
… (1 comments)
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But the OTHER Guy Said I was Approved...II Not All Lenders are Created Equally! The Triumphs and Challenges of Getting a Loan for a Home can be Maximized and/or Minimized, Depending on WHO YOU CHOOSE to Do Business With (And: I Don't Necessarily Sell Houses--I Really Find Solutions to Challenges)
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)
How well do you qualify Buyers prior to showing them property? Do you:
1. Require that they not have a home to sell first?
2. Require that they speak with a mortgage lender and get pre-qualified?
3. Require that they meet you at your office for a consultation before showing them property? … (31 comments)
Did you know that loan pre-approval and loan pre-qualification are different?
Lets give Michigan a push this spring....if you are going to be looking to buy a home...shop now while the prices are at an all time low! Sadly alot of Michigan home owners have lost their homes to foreclosure and are now having to downsize on their homes and house payments. My heart goes … (0 comments)
I have had many potential buyers ask me, "Why should I get qualified or pre-approved for a loan before I even find a home?" They may further state, when I bought my first home, my agent "never even suggested that. She just took me in her car and we drove me all around and … (5 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)
I have run in to this situation a few times over the past few months. I am working with clients (couples) who can't make up their minds!! Before I even take buyers out to show them houses, I qualifiy them and try to narrow down their needs as much as possible. I even … (4 comments)
Unless a buyer intends to make a cash offer, its always important for buyers to get pre-qualified for a mortgage prior to buying a home. However, its not just about being pre-qualified to buy the next home. Unless the buyer is looking for a 2nd home/investment property, or is a first … (2 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. 
It is important for any potential home buyers to get a pre-approval letter or aleast a pre-qualified letter before searching for homes.
Pre-qualification is a simple process. The buyer is asked specific questions about their income, assets and liabilities. Based on this information, they are provided with an amount for which they may qualify. This process can be done strictly on a verbal level or electronically over the Internet.On the other hand, a … (0 comments)
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How do you decide which lender is best for you?
ATTENTION ALL REALTORS:
If you don't have time to hold your own open houses I will hold a open house for you for FREE and pre-qualify your potential buyers on site through our company. We are a direct lender I am not a broker, and send you the pre-qualified buyers.
I … (3 comments)
Real estate practioners often hear the terms "pre-qualified" and "pre-approved" used.
If you are a buyer, that is looking for a homeHere is some advice for you - find out about your loanMortgages are changing, I'm sure you've read the newsIf you are not pre-qualified, you have a lot to lose You may have been pre-qualified a few short weeks agoBut things have … (1 comments)
Before anyone starts looking for a home they should look for a loan that will suit their needs and their pocket book. How do you do this? You need to talk to a lender or your Realtor, and they can hook you up with someone they have used in the passed … (6 comments)
I am going to try to explain why it is important to use a licensed Realtor when purchasing a home. More and more people are using the internet to search for homes. But what happens when you find the home that you would like to see? Many will send an email … (0 comments)
Stan G. in Alexandria, VA asks:The real estate market I live in is still hot. I want to sell my home myself (FSBO), but I am worried about the safety of my house and my family. Any suggestions?Stan, This is a real concern and should be discussed with your family before … (4 comments)
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Today's local newspaper, The News & Observer, featured an article regarding Raleigh, NC as one of the best cities for young singles. 
I got a call from a borrower that had been pre-qualified for a San Francisco Home Loan with one of our other loan officers that has since left the company, and the borrower's question to me was, "Is my pre-qualification still good?". That is a tough question, and I think that … (5 comments)
A pre-qualification is an estimate of how much you can afford provided by a mortgage lender. It is based on information you provided. Final loan approval is based on further investigation such as credit report and income/expense verification.
An overview of the loan process
… (0 comments)
Buyer's frequently asked questions
What does is mean to be preapproved?
Is Your Buyer Qualified?Unless the buyer who makes an offer on your home has the resources to qualify for a mortgage, you may not really have a sale. If possible, try to determine a buyer's financial status before signing the contract. Ask:1. If the buyer has been prequalified or preapproved (better) … (0 comments)
My assistant is currently working with a "First Time Home Buyer". She has him prequalified, discussed buyer's agency, explained the closing procedure and he's ready to buy a home. So far, timing has been his greatest enemy - as they find one he likes, another offer is accepted. My assistant checks before showing … (2 comments)
The real estate industry has seen alot of changes in the past few years. The main idea seems to be for consumers to only pay for what they need help with in the sale of their real estate. I see the problem as lack of knowledge by the consumer to understand … (1 comments)
Before you begin to shop for a new home, you should set up a time to 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 understand the distinction between being pre-qualified for a loan and pre-approved … (1 comments)
To put you the buyer in the strongest negotiating position possible, you must get "Pre-Approved." Price is only one element in the negotiations of a home purchase, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical … (2 comments)
1.) Looking for a home without getting pre-approved.
Do you want to get the best house you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Priceis only one bargaining chip in the negotiations, and not necessarily themost important one. Often other terms, such as the strength of the buyer … (1 comments)
Just what is the difference between being pre-qualified and pre-approvedBeing pre-qualification is an estimate of what a buyer can afford based on income and debt provided by the buyer but not necessarily verified. Pre-approval involves an in-depth review of a buyer’s finances. A credit check is done, as well as income and employment history verification. … (0 comments)