All Posts Tagged With: "pre-approval"
What Is A Mortgage Loan Worksheet?
Starting in 2010 the government introduced a new Good Faith Estimate form which required lenders to spell out loan costs in very precise and standardized language — information which lenders must honor at closing. The new form from HUD has raised a question among some lenders as to whether a pre-approval letter or a pre-qualification [...]
1Jul2010 | Peter G. Miller | 0 comments | Continued
No More Pre-approval Letters, Say Lenders
As a result of the new mortgage borrower protections that took effect January 1st, some lenders are now saying they can no longer provide pre-approval letters. “Before writing the letters, lenders like to see proof of income, such as a pay stub or tax return. But under the Real Estate Settlement Procedures Act rule that [...]
8Mar2010 | Peter G. Miller | 1 comment | Continued
What Is A Mortgage Pre-Approval?
“Loan pre-approval” is best described as a process where a buyer sits down with a lender before entering the marketplace or buying a home to determine how much he or she can afford to borrow. Loan pre-approval practices vary among lenders. Most pre-approvals are free, but there is sometimes a small charge. A pre-approval should [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
Does a mortgage pre-approval letter guarantee financing?
No. Pre-approval letters are known in the real estate industry as “hand-holding” letters. They say that the borrower has taken the time to work with a lender and that, in general terms, the borrower can afford to borrow a certain amount. In the best case, a pre-approval letter should be seen as an important negotiating [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
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