All Posts Tagged With: "preapproval"
Mortgage Pre-Approval Versus Pre-Qualification Is There A Difference?
What’s the difference between someone who is “pre-approved” for a loan and someone who is “pre-qualified?” Is one better than the other? And if so, how? In general terms, the idea behind pre-qualifying is this: You’re a home buyer. You do not have enough money to buy for cash (do not be distressed, this makes [...]
10Sep2008 | Peter G. Miller | 0 comments | 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
How Do Pre-Approval Letters Impact Real Estate Bargaining?
Given a choice between a prospective buyer with a pre-approval letter and a buyer without such a letter, a seller knows that the first purchaser has met with a lender, discussed loan options, and probably had a credit check. The result is that the first buyer represents less risk than the second one. If offers [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
What does “pre-qualify” mean in terms of a mortgage?
The term “pre-qualify” does not have a standard definition. In some cases, a “pre-qualification” with Lender Jones is the same thing as a “pro-approval” with Lender Smith — but only sometimes. In general terms, a “pre-qualification” means a lender feels you can borrow a given amount under the rules for a particular loan program. You [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
What does “pre-qualify” mean in terms of a mortgage?
The term “pre-qualify” does not have a standard definition. In some cases, a “pre-qualification” with Lender Jones is the same thing as a “pro-approval” with Lender Smith — but only sometimes. In general terms, a “pre-qualification” means a lender feels you can borrow a given amount under the rules for a particular loan program. You [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
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