There's not a lot of difference between a prequalification letter and a preapproval letter. While there are some legal distinctions, in practice both terms refer to a letter from a lender that says the lender is generally willing to lend to a client, up to a certain amount and based on certain assumptions. This letter is often required when a prospective home buyer is looking to submit an offer to purchase real estate because it gives the seller confidence that a prospective buyer will … (17 comments)
Even though we can do a quick calculation of the Price-to-Rent Ratio: what does that number really mean? Boiled down – just remember that if the number is lower than 20% it is in the best interest of the renter to at least consider buying a home and looking deeper into their specific situation.
To do so means understanding how to calculate the actual Net Monthly Benefit of owning a home. Owning a home over time has proved to be a strong contributor to building wealth – … (1 comments)
colorado mortgage professional: Property Settlement Notes in Divorce
- 06/07/16 03:23 AM
Property Settlement Notes in Divorce Jody Bruns, CDLP, CMMU® Property Settlement Note – a deferred payment in property settlement used to equalize property. Used to equalize property Not taxable to recipient Does not survive bankruptcy Very often when divorcing couples negotiate the terms and conditions of a property settlement, they agree to a structured settlement, which is a series of smaller payments paid over time, as opposed to a lump-sum payment. In this routine, a series of payments over a period of time comes to more than the agreed upon settlement sum because the recipient normally receives interest to compensate for the delayed … (1 comments)
A Mortgage Preapproval Letter vs. a PreQualified Letter - are either worth the paper they are written on?
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