home loans irvine: Differences Between Pre-Qualification and Pre-Approval
- 11/20/19 01:58 PM
Getting pre-qualified or pre-approved for a mortgage loan gives you more concrete information about what you can and can’t afford. However, the terms are very different and are misunderstood by many.
Here are what those terms really mean.
Pre-Qualification Getting pre-qualified for a loan is a very easy process. It’s an initial evaluation of your creditworthiness. You provide the lender your approximate income, the amount of debt you’re carrying, and any other important details from your credit history. The lender uses these figures, which have yet to be verified, to calculate how much money you might be eligible to borrow. The lender may provide … (3 comments)
home loans irvine: Who Really Qualifies as a First-Time Homebuyer?
- 11/15/19 10:43 AM
Many homebuyers rely on mortgage assistance programs to help them purchase a home. The majority of these programs are geared towards first-time homebuyers in an attempt to promote homeownership.
First-Time Homebuyer Defined Unfortunately, the term "first-time homebuyer" can be misleading when considering many of these programs. The result is that many buyers who are qualified for these programs mistakenly pass up the opportunity to apply for assistance. The little-known reality is that what qualifies as a first-time homebuyer under many of these programs is someone who hasn't owned a home in the last three years, or longer. This can be confusing for many buyers because of … (1 comments)
Getting pre-qualified or pre-approved for a mortgage loan gives you more concrete information about what you can and can’t afford. However, the terms are very different and are misunderstood by many.
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