It Doesn T Take Much Time At All To Get Pre- Qualified For A Loan

Category: Finance, Mortgages.

To be pre- qualified for a loan means that a lender has done a preliminary review of your basic information and, without confirming any of it for validity nor checking to see if there s any significant information you ve withheld that could further affect your creditworthiness, based on their, has determined that standards, you would qualify for a loan up to a specific dollar amount should you apply with them.

Pre- approval is a commitment to approve you for that loan, should all the information you ve provided be accurate and complete, whereas pre- qualification just means that, according to their standards, you look to qualify for said loan amount. Being pre- qualified does not mean that you are pre- approved. Getting pre- qualified has several advantages, the primary benefits being: pre- qualification lets you know how much you can actually afford on a home, which helps tremendously in focusing what could otherwise be an overwhelming house- hunting experience; pre- qualification demonstrates to sellers that you are serious buyer who is ready, and able to, willing follow through on an offer; pre- qualification helps the whole mortgage application process to go through much faster, as a great deal of the information you need to provide is already in the lender s possession; Another advantage of pre- qualification is that pre- qualified borrowers can usually lock- in their interest rate, a huge benefit when you consider how much interest rates can rise between the time you start your search for a home, the time you complete your loan application process, and the time you close on the house. Locked- in rates are usually valid for 30- 90 days, depending on the lender. There may be a lock- in fee, but if it s reasonable, it s usually worth it. When trying to lock- in an interest rate, ask whether the lender has a" float down" feature. It doesn t take much time at all to get pre- qualified for a loan.

This allows you to lower your interest rate once, if prevailing rates go down during your lock- in period, preventing you from getting stuck with a higher interest rate than if you hadn t locked it down at all. Quite often you can apply online and have an answer in just a few minutes. Desired loan type( ie. fixed rate, interest, adjustable- only, No Doc) ; how much of a down payment you d like to make( and can afford) ; your history of employment history your current financial information( including income, expenses, assets, and obligations) . Typically, in order to pre- qualify for a loan, you ll need: personal information( such as your name, phone number, address, social security number, etc, date of birth. ); kind of home you re seeking and the approximate price. Prepare all this information in advance and you ll save even more time in the loan approval process and thereby speeding up the process of getting you into your new home.

Read more...

What Is An FHA Streamline Loan - Bridget Vespa's Finance and Mortgages blog:

If you need a quick and straightforward way to refinance your exciting FHA loan, you might want to consider applying for an FHA streamline Loan. What Is an FHA Streamline Loan?

The Early Closing Fee Aplies To This Mortgage As Well - Finance and Mortgages Articles:

With the new mortgage bill that became effective on March 2007, banks in Turkey started to offer a variety of mortgage products to their customers, tailored to each individual s needs. All of these variables make decision making much more confusing to the customer.

A Commercial Mortgage Is Very Similar To A Personal Mortgage - Summer Leverich's Finance and Mortgages blog:

A commercial mortgage is very similar to a personal mortgage. Unlike residential mortgages- commercial and semi commercial lending falls into a very strict lending criteria.