Home mortgage Prequalification

Manufactured Home Mortgage

"What is the difference between pre-qualified and pre-approved? People talk about pre-approval letters. Is the letter like a grade in college? Like getting an 'A' is better than a 'C' in history?"

Spring is right around the corner and with the warmer air comes the thought of buying a new home. Before you begin that journey and get all caught up in the thoughts of kitchen appliance finishes, bathroom tile styles and drapery patterns, you should consider home financing issues. After all, there's this old saying about putting carts before horses. So before you envision decorating your new home, lets figure out how you're going to buy your new home.
Most people seem to believe that home financing involves some mysterious and possibly magical process which nobody can understand unless they have a Ph.D. in physics. That really isn't the case. Believe it or not, even some rocket scientists find the world of home financing even more challenging and dangerous than space exploration. So, let's look at a few common questions that almost every real estate professional hears regularly.

We're talking about different kinds of letters here. Let's talk about the difference between pre-qualified and pre-approved first.

Pre-qualification in the world of home mortgages means that a lending professional asked you questions about your monthly income and expenses and came up with a dollar amount you could afford to pay for a home. That's all. You can find easy-to-use mortgage calculators on the websites of most banks. The prequalification process does not involve a detailed examination of your credit history. After you furnish the information and the mortgage lender verifies the accuracy of what you told them, they will issue a letter that says you are pre-qualified for a home mortgage for a certain dollar amount.

In this case, the pre-qualification does not guarantee that the lender will actually give you the loan. There is no committment from the lender.

On the other hand, the pre-approval letter is a committment. Pre-approval means that a lending professional closely examined your income and expenses including your credit history and decided that they would give you a loan and the amount of the loan. The lender will look at your credit score from one or more of the three credit reporting agencies. The lender will also ask more detailed questions and will verify your answers about income and expenses.

In the case of pre-approvals, the lender guarantees in writing that they will give you a loan, the total amount of the loan and the loan terms.

CD REED The Real Estate Agent's Guide To: Prequalification Letters
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Vacation home prices continue to soar

2013-05-30 16:15:17 by SadRenter44

The median sales price of a vacation home in 2012 was $150,000 -- up 24% from the prior year --and this summer could be another sizzler.
Values are still well below the 2005 peak of $204,000, and many sought-after areas are teeming with investors, says Zillow chief economist Stan Humphries.
Last year 46% of vacation-home buyers paid cash, reports the National Association of Realtors, up from 42% in 2011. So bring Benjamins, or at least a mortgage prequalification letter.

Pursue homeownership and stop renting....

2007-05-13 18:23:59 by financebiz

Renters Have Much to Gain by Pursuing Home Ownership..
Buying a home vs. renting is a decision that takes careful consideration. But the rewards of home ownership are great. Purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.
There are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting and for obvious reason. If you are renting, you’re helping them make their mortgage payment.
The numbers are staggering if you look at it this way

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Mortgage Interest Deduction Saves Middle Class Taxpayers All Of $51/Month  — Forbes
A household making $45,000 in 2012 could expect to buy a home priced 2.7 percent higher than they would have without the mortgage interest deduction.

Dec. 23, 2013 Enrollment Required for Jan. 1, 2014 ACA Coverage  — Peninsula Pulse
A: Under the ACA, exchange plans and many others must provide certain types of preventive screenings and shots free, before an individual's deductible is met (and without charging a co-payment or co-insurance).

Atom Pie Publishing, LLC. Don't Be Denied
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Obamacare deadline causes surge in healthcare shopping  — MiamiHerald.com
Despite the increasing interest, the Obama administration late Thursday rolled out yet another revision to the Affordable Care Act.

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