buy a home: 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)
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:
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