approval: Difference between approval and qualification to buy a home?
- 08/21/14 11:27 PM
What's the difference between an approval and qualification to buy a home? This is a hot topic in the mortgage industry in North Texas. With low inventory and multiple offer scenarios, before an offer is accepted, a solid buyer is desired. I believe that vocabulary and knowing what work the loan representative has done is the problem. Let's define some of the vocabulary in the mortgage business about qualifying to buy a home:
Prequalification- Loan representative verbally collects annual income and amount of assets. Secondly, the representative will pull credit or ask for scores, ask additional qualifying questions, and then (2 comments)
approval: It's not called a prequalification anymore in Texas.
- 08/21/14 12:12 AM
If you are buying a home in Texas, get a "Conditional Qualification" (Form A). It's not called a prequalification anymore. If you want more detail about the form read my latest blog about the differences between Form A and B:
If you are buying a home seek a licensed residential mortgage loan originator who you trust will review your complete financial situation. In Texas, contact Jimmy Smith for questions or a no obligation loan consultation.
Jimmy Smith, NMLS#1089067 jsmith@alliancemtggroup.net, (214) 872-9091 Ofc (2 comments)