applying for a mortgage: The Difference Between Pre-Qualification and Pre-Approval
- 09/12/08 03:28 AM
The Difference Between Pre-Qualification and Pre-Approval Pre-qualification is the first step in obtaining mortgage financing. A potential borrower answers a few questions to provide the loan consultant with a quick snapshot of the borrower's income, existing debt, accumulated savings and whether or not there is a co-borrower. Signature(s) allow the loan consultant to run a credit report and begin to determine what loans are good candidates for this particular client. However, there are literally thousands of loan programs available. It is important for the loan professional to know the long-term financial objectives of the prospective homeowner.Pre-approval is a written documentation that (0 comments)
applying for a mortgage: What Lenders Look for in Home Loan Applications
- 08/21/08 01:21 AM
Once your loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to payback the loan you are requesting. My team and I have a streamlined loan process to help you get your ducks in a row prior to this review. A grand slam loan package is in perfect order and answers all the important questions up front. We know what the lenders are looking for, based on long-term relationships with them and extensive knowledge of guidelines for a multitude of loan programs that are available today.What is the (9 comments)