preapproval: 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)
preapproval: 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)
preapproval: Making an offer on a home in Texas, get this or lose that home!
- 08/04/14 07:36 AM
Making an offer on a home in Texas, get this or lose that home! Most folks know that the Texas real estate market is hot. When you find your dream home you may face competition when submitting your offer. In order to strengthen your offer, a completed Conditional Qualification Letter (Form A) should accompany your offer. Before 2008, it was common practice to verbally ask a few questions from the borrower about credit, income, and how much money they have and issue a "Pre-qualification" letter. After 2008, the mortgage markets changed, tighter regulation, and tighter lending standards has led to a more … (0 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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