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Ricky's Rates for Friday November 13th 2009

By
Mortgage and Lending with EPiQ Lending NMLS 1936984

Friday the 13th, my absolute favorite lucky day.  Being born on Friday the 13th makes this a special day for me, here are the rates for today call me if I can help.

Mortgage Rate Update

The Difference Between Pre-Qualification and Pre-Approval

 

Pre-qualification is the first step in obtaining mortgage financing. A potential borrower answers a few questions to provide the loan consultant with a quick snapshot of the borrower's income, existing debt, accumulated savings and whether or not there is a co-borrower. Signature(s) allow the loan consultant to run a credit report and begin to determine what loans are good candidates for this particular client. However, there are literally thousands of loan programs available. It is important for the loan professional to know the long-term financial objectives of the prospective homeowner. Pre-approval is a written documentation that proves the borrower has full support of a lender. It means the form 1003 Uniform Residential Loan Application has been completed and reviewed by an underwriter. Based on the borrower's income, debt ratio and savings, the underwriter will provide a dollar amount this borrower is eligible for. Now the borrower has the convenience of shopping for a home in the price range agreed upon by the lender. Pre-approval allows potential homeowners to shop as cash buyers, and that means negotiating power. Sellers will take an offer from a pre-approved shopper much more seriously and may even accept a lower bid because they know the financing is in place and the deal is secure.

Mortgage Interest Rates

Posted by

 

Ricky Khamis
National Business Development Manager
D: 480.270.8687  |  M: 602.758.7425  |  F: 480.339.1615
275 E. Rivulon Blvd. Suite 300 Gilbert AZ   85297
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Comments (2)

Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

I want to see you post a rate at 1.3% or 13%.  Come on ..... it's the 13th.  I dare you!  Have a good weekend.

Nov 13, 2009 12:57 AM
Ricky Khamis
EPiQ Lending - Gilbert, AZ
NMLS 173141 | CADOC 173141 - 602-758-7425

LOL!!

You First!!

Nov 13, 2009 03:28 AM