MORTGAGE INFO - FAQ
M O R T G A G E F A Q :
Q: What is mortgage pre-qualification?
A: You provide some basic personal financial information to a lender or mortgage
broker, and they will provide you with an amount you will be able to borrow to
purchase your home. Being pre-qualified gives you a good idea of the range of
home prices you can afford.
Q: What is mortgage pre-approval or a pre-approval letter?
A: Pre-approval is much more powerful. Pre-approval requires that you submit
additional information and documentation. In return, the lender or mortgage
broker will provide you with a pre-approval letter, which means your loan will
be approved as long as you can satisfy the lender's requirements. Pre-approval
has real benefits and gives you an advantage over other buyers. Because it is
evidence that you are likely to secure a loan, sellers will often weigh your
offers more seriously. Getting pre-approved will also save you time on closing
the loan, because you've already pulled together your paperwork.
Q: Am I obligated to use the mortgage broker that I get my pre-approval from?
A: There is no obligation on your part. You can always shop around for a loan
from other lenders or brokers after being pre-approved.
Q: How long does it take to get pre-approved, when should I do it, and what do I
do next?
A: Pre-approval normally takes two business days. You should get pre-approved as
soon as you begin looking for properties. If you find a home you like, you want
to be prepared to have a strong offer compared with other buyers.
This was emailed to me....from an agent.
Thought it would be useful for everyone looking for a house...
Scott
Q: What is mortgage pre-qualification?
A: You provide some basic personal financial information to a lender or mortgage
broker, and they will provide you with an amount you will be able to borrow to
purchase your home. Being pre-qualified gives you a good idea of the range of
home prices you can afford.
Q: What is mortgage pre-approval or a pre-approval letter?
A: Pre-approval is much more powerful. Pre-approval requires that you submit
additional information and documentation. In return, the lender or mortgage
broker will provide you with a pre-approval letter, which means your loan will
be approved as long as you can satisfy the lender's requirements. Pre-approval
has real benefits and gives you an advantage over other buyers. Because it is
evidence that you are likely to secure a loan, sellers will often weigh your
offers more seriously. Getting pre-approved will also save you time on closing
the loan, because you've already pulled together your paperwork.
Q: Am I obligated to use the mortgage broker that I get my pre-approval from?
A: There is no obligation on your part. You can always shop around for a loan
from other lenders or brokers after being pre-approved.
Q: How long does it take to get pre-approved, when should I do it, and what do I
do next?
A: Pre-approval normally takes two business days. You should get pre-approved as
soon as you begin looking for properties. If you find a home you like, you want
to be prepared to have a strong offer compared with other buyers.
This was emailed to me....from an agent.
Thought it would be useful for everyone looking for a house...
Scott
