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Pre-qualified vs. Pre-approved
What's the difference?
When you are pre-qualified for a loan the lender has basically looked over your
numbers and suggested the amount you can afford.
Although this may appear
to be a guess
as your numbers have not been verified, the lender
does this every
day so it is better than a guess. A lender may provide
you with a letter of pre-qualification
to be used when searching for a
home. Generally
there is no charge for getting pre qualified.
When you are pre-approved, the lender has basically verified all of the information
you provided for the application. This includes how much you earn, how much you
owe and your credit rating or FICO score. You will most likely be charged for
this service. A letter of pre approval is furnished to you by the lender and
this puts you in a much stronger position when purchasing a new home as the seller
knows you are pre approved and are thus qualified to buy a new house.
The reason the term "pre" is used
is because it happens prior to actually finding a home. Many
years ago lenders would
only allow buyers to
apply for a loan once they had actually found a new home.
Can
I apply for a loan before I've found my property?
Yes. You can obtain pre-approval for a maximum purchase price, loan amount and
loan program. Once the loan has been approved, any of these variables can be
changed to match the specifics of the actual transaction. However, an interest
rate can not be locked until a property address has been specified. read
more...
Different
Types of Mortgages
There are many different types of loans out there.
You will need to decide which one best suits your needs. When
selecting the "right" mortgage, you must take into account
your current financial situation and what you expect your financial
situation will be in the future. read more...
Buying
a Home
The process of selecting the ideal home can be
as challenging as it is exciting. But your efforts will certainly
pay off in the years ahead as the home adds comfort, style and
enrichment to your life. You can count on Waterfield to help you
select the best loan program for your situation -- one that suits
both your budget and lifestyle. read
more...
Mortgage
Aplication Fees
Application
fees generally run
from $0 to $500.
Appraisal fees -- these can run up to $500 and depend on
what part of the
country you live
in.
Credit Report Fees -- these fees can run up to $100. read
more...
