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Pre-approval and pre-qualification are terms commonly used in the context of mortgage loans, but they can also apply to other types of loans. While they sound similar, they have different meanings and implications in the loan application process:
Pre-qualification:
Obtaining a pre-approval for a mortgage is an important step when you’re planning to buy a home. It gives you an idea of how much you can afford, helps streamline the home-buying process, and strengthens your position ...
When you are purchasing a home, your lender may recommend you obtain a mortgage pre-approval before you find the home of your dreams. There are some benefits to being pre-approved before you find a home, but oftentimes, people confuse pre-qualifications with pre-approvals.
So the ...
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If you want to buy a home in the near future, you are probably aware of just how competitive the housing market is. You need to put yourself in the best position possible to be successful by getting ...
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Today, the housing market is as hot as it has ever been. There are many people who are missing out on their dream homes because they are having a hard time competing with countless other people who ...
Buyers need to make sure they are competitive when they make an offer on a house. One of the ways to do that is to get a pre-approval letter. What does this mean, and how long does ...
There are many people who set buying a home as one of their major life goals. There is a lot that comes with owning a home including a major investment opportunity, a sense of ...
There are many people who are considering buying a home because the current market is so attractive. With the ability to carry out virtual tours, this makes it even easier for people to find ...
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Foreclosure is a process that happens over many months. There are various opportunities to acquire real estate that is in a different stage of foreclosure, including before the foreclosure process completes. This short guide identifies the different stages and the opportunities ...
You just found your perfect home, and you feel like everything is right including the price. But, what could be wrong with your ideal home? Maybe, it is being sold as a short sale, and ...