buying a home: 6 Things To Avoid While Waiting For A Mortgage Approval
- 05/12/08 08:21 AM
When buying a home, there are two stages in the home loan approval process. Stage 1 starts when a homebuyer submits a mortgage application to his loan officer for a pre-approval. A pre-approval is a "walk-through" mortgage approval that says -- at a given purchase price and downpayment amount -- the home loan application will very likely be approved. Stage 1 ends when the buyer signs a purchase contract on a home. At this point, the "walk-through" approval is useless because the buyer now needs a real home loan approval from an underwriter and not a loan officer. Thus begins Stage … (0 comments)
When buying a home, there are two stages in the home loan approval process. Stage 1 starts when a homebuyer submits a mortgage application to his loan officer for a pre-approval. A pre-approval is a "walk-through" mortgage approval that says -- at a given purchase price and downpayment amount -- the home loan application will very likely be approved. Stage 1 ends when the buyer signs a purchase contract on a home. At this point, the "walk-through" approval is useless because the buyer now needs a real home loan approval from an underwriter and not a loan officer. Thus begins Stage … (0 comments)
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