preapproval letter: Pre-Qualification vs Pre-Approval vs Cross-Approval vs $10K Assurance
- 06/13/16 02:54 AM
What is the difference between Mortgage Pre-Qualification and Mortgage Pre-Approval (and what is a Mortgage Cross-Approval)? These terms get tossed around frequently (and are often used improperly) by Real Estate Agents, Buyers & Sellers. The following explanation has been written in an attempt to clear up any misconceptions:
PRE-QUALIFICATION The process of Pre-Qualification can be summarized as “tell me, don’t show me” when it comes to Borrower information being conveyed to a Loan Officer & Mortgage Company. Specifically, a Borrower will complete a Loan Application (online, via phone, or by hand) and “tell” the Loan Officer their income, assets, and other pertinent information … (6 comments)
preapproval letter: Protect Your Transaction (PYT) - $10K Lender Performance Commitment!
- 09/30/14 07:58 AM
Protect Your TransactionSM (PYT) provides all parties to a real estate transaction with peace of mind that the Lender will deliver on its commitment to close on time. Take a moment to learn more about PYTSM in this article, and then ask the obvious question: "Why would I use a lender that doesn't provide a PYTSM commitment?"
Certified PYTSM Lenders commit to the following: Lender will issue a loan commitment on or before 15th days from receiving a complete mortgage application (for eligible, approved applications) evidencing Lender's commitment to close on time Lender will pay up to $10,000 in the event a transaction is canceled by Seller due to Lender's failure … (1 comments)
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Jason E. Gordon
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE
Author Bio: Jason Gordon is a Residential Mortgage Specialist in San Diego, CA. He combines ethics, education, and experience while helping Homebuyers and Homeowners to achieve their financial goals.View all AR Posts By Jason Gordon
What is the difference between Mortgage Pre-Qualification and Mortgage Pre-Approval (and what is a Mortgage Cross-Approval)? These terms get tossed around frequently (and are often used improperly) by Real Estate Agents, Buyers & Sellers. The following explanation has been written in an attempt to clear up any misconceptions:
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