Why Is It so Important to Be Pre-Approved in the Homebuying Process?

Keeping Current Matters

You may have heard that pre-approval is a great first step in the homebuying process. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan.

Pre Approval vs Pre Qualified vs Underwritten Pre Approval: What’s It All Mean?


When you’re getting ready to start looking for homes, you’re probably dreaming about more space, a big backyard, or a garage, rather than low mortgage interest rates. Do you know the difference between pre approval vs pre qualified when it comes to mortgage loans?


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4 Reasons You Should Get a Mortgage Pre-Approval

RIS Media

If you’re just starting out with the home-buying process, you may want to get a mortgage pre-approval. This is a statement from a lender that informs you of a certain amount you are qualified to borrow, as well as a specific pre-approved interest rate.

How To Get Pre-Approved For A Mortgage Loan

First Team Real Estate

If you’ve read any tips for homebuyers then chances are you’ve heard that you need to get pre-approved for a mortgage loan. The question is – how exactly do you get the pre-approval? What is a mortgage loan pre-approval?

Top 5 mortgage terms to know before you buy a house

Housing Wire

The mortgage application process can be a confusing one — especially if you’ve never gone through it before. Here are the top five mortgage-related terms you’ll want in your arsenal: 1. Fixed-rate mortgage. There are two types of mortgages: fixed-rate and adjustable-rate.

Need Buyers Pre-Approved Quickly? Or Mortgage Loan Leads? We’ve Got You Covered!

RIS Media

The post Need Buyers Pre-Approved Quickly? Or Mortgage Loan Leads? We’ve Got You Covered! appeared first on RISMedia. Tip of the Day

The Power of Mortgage Pre-Approval [INFOGRAPHIC]

Keeping Current Matters

Mortgage pre-approval means a lender has reviewed your finances and, based on factors like your income, debt, and credit history, determined how much you’re qualified to borrow. The post The Power of Mortgage Pre-Approval [INFOGRAPHIC] appeared first on Keeping Current Matters.

Opendoor debuts cash-backed offers


Buyers will need to get pre-qualified with Opendoor Home Loans or another mortgage company. Then, Opendoor will pair the buyer with a real estate professional in their market.

How Long Does It Take to Buy a House?


Step 1: Getting mortgage pre-approval. If problems crop up—with the home inspection, appraisal, mortgage, or other things—then the real estate buying process could take even longer. Step 1: Get pre-approved for a mortgage.

Finding the Best Mortgage Lender

REX Real Estate

Deciding to buy a home helps open a new chapter for you and your… Buying a Home Getting Financing Home Loans home loans lender mortgage mortgage rates pre-approval rex home loans

What You Need to Qualify for a Home Mortgage

REX Homes

Many… Buying a Home Getting Financing Home Loans apply for home loan down payment how do I qualify for a loan lender loan calculator mortgage mortgage payments pre-approval Real Estate rex home loans rex homesFinding the perfect house is only a small part of the homebuying process.

How to get a mortgage preapproval in 3 steps

The Mortgage Report

You need a mortgage pre-approval before you can start house-hunting. Here's how to get your pre-approval letter in 3 simple steps. About Mortgages Buying a home First-Time Home Buyers

5 tips for finding the right mortgage lender for you

Housing Wire

And not just research on the best down payment or neighborhood to live in – you should also search the right mortgage lender. . The type of mortgage loan you qualify for is just as important as the mortgage lender you work with. Make Sure You Can Afford The Mortgage.

Rocket Mortgage strikes big advertising deal with Realtor.com

Housing Wire

Realtor.com and Rocket Mortgage , two of the biggest companies in the digital real estate space, have formed a key advertising partnership that their competitors are sure to notice. The post Rocket Mortgage strikes big advertising deal with Realtor.com appeared first on HousingWire.

2021 means new challenges for mortgage lending

Housing Wire

As we think about coming out of this first month of the year, we’ve quickly realized this year is going to be anything but planned or what we in the mortgage lending industry are used to. The post 2021 means new challenges for mortgage lending appeared first on HousingWire.

Realtor.com, Rocket Mortgage announce new partnership


Homebuyers using realtor.com interested in getting pre-approved through a mortgage will see advertising from Rocket Mortgage, which will allow that consumer to connect directly with the latter's online application.

[PULSE] Mortgage lending in a post-COVID, digital world

Housing Wire

We have already seen evidence that mortgage servicing is forever changed and purchase money lending will suffer, at least in the short term. The mortgage industry, in general, has lagged behind other industries in terms of maximizing the benefits of new technologies.

Mortgage Preapproval vs Prequalification: What’s The Difference

Maximum Exposure Real Estate

How Pre-approval Differs From Pre-qualification Do you know how mortgage preapproval differs from a prequalification? The post Mortgage Preapproval vs Prequalification: What’s The Difference appeared first on Massachusetts Real Estate Exposure.

Top Mortgage Myths—Busted


Yuri_Arcurs/iStock; MattKay/iStock Buying a home and getting a mortgage typically go hand in hand. Yet home loans aren’t always easy to understand—and there’s a lot of misinformation out there about how mortgages work. “A

With 20% market share, independent mortgage brokers are competing directly with retail lenders

Housing Wire

In today’s low-rate environment, wholesale mortgage lending continues to grow, making up more than 20% market share. For Nichols, who runs a smaller setup, transparency, pre approvals and the flexibility of taking loans to other partners has helped create more opportunities for all involved.

How to negotiate your home purchase offer

Housing Wire

Get pre-approved to show you mean business: Consider obtaining a pre-approval for a mortgage from a lender by the time you reach the offer stage, as this document can play a key role in the negotiation process.

1 in 5 Homeowners Missing Mortgage Payments in 2020: How Should Agents Respond?

Real Trends

Real estate agents navigating the COVID-19 landscape have had to adapt their entire marketing model — eliminating or scaling back open houses, substituting video tours for in-person previews, and limiting home visits to buyers who are pre-approved for financing.

2021 Home-Buying Insights From Mortgage Lenders

Lighter Side of Real Estate

The majority of buyers purchase their home using a mortgage. So, what do mortgage lenders want buyers to know about buying a home—particularly in today’s hot real estate market? The post 2021 Home-Buying Insights From Mortgage Lenders appeared first on Lighter Side of Real Estate.

Do You Have to Take Out a Mortgage From the Same Lender That Preapproved You?

RIS Media

Before you start looking for your next home, you should get pre-approved for a mortgage. You don’t necessarily have to borrow money to buy a home from the same lender that pre-approved you. What is Pre-approval and Why is It Important?

Here’s What Your Mortgage Lender Wants You To Know About Buying a House Right Now


This is creating bidding wars, offers over asking, and appraisal gaps—houses are going quickly,” says Shanon Schinkel , branch manager and mortgage lender at Homebridge Financial Services. ” And did we mention that economists expect mortgage rates to rise? Get pre-approved ASAP.

5 tips for buying a home in a seller’s housing market

Housing Wire

Qualify for the lowest mortgage rate you can. Fortunately, record-low mortgage rates can help offset those rising prices — that is, if you can snag them. Get pre-approved before beginning your home search. A mortgage pre-approval is non-negotiable in this environment.

What Exactly is the Mortgage Underwriting Process?


If you’re a first-time homebuyer , you might find yourself intimidated at the prospect of applying for a mortgage. To treat you fairly, lenders also need to protect their interests with a robust approval process before they can fund your loan.

Three Ways to Win in a Bidding War

Keeping Current Matters

With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get pre-approved before you start your search.

5 Reasons To Not Pay Off Your Mortgage Early


Branko Miokovic/iStock You’ve imagined it: that party you’ll throw (and the happy dance you’ll undoubtedly do) the day you pay off your mortgage. For one, mortgage interest rates are at historic lows, so you aren’t really saving that much by eliminating a mortgage.

5 Rampant Mortgage Myths You’ll Hear These Days—Completely Debunked


That’s especially true in the mortgage industry, where interest rates and the overall home loan landscape are shifting with such head-spinning speed, it’s easy for outdated information to circulate, leading home buyers and homeowners astray. 2: Getting a mortgage today is easy.

6 Mistakes First-Time Home Buyers Make in the Mortgage Process

Realty Biz

Many newbies flock to mortgage loan companies for assistance in combating unattainable real estate prices and down-payment charges only to find their sub-par credit score exempts them from loan benefits. For example, suppose your mortgage lender utilizes loan servicing software.

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ARM vs. Fixed-Rate Mortgage: Which Home Loan Is Better for You?


If you’re raring to buy a home , chances are you’ll need a mortgage. But which kind of mortgage should you get? One good place to start figuring out your options is a mortgage calculator , where you can plug in various home prices and and have this sum broken down into monthly payments.

How to Get Preapproved For A Mortgage: Loan Approval Explained

Realty Biz

Tips For Getting Preapproved For a Mortgage. It is effortless to start looking at homes that you will later find you can’t afford when you try to get approved for a mortgage. Let’s review what a preapproved mortgage is and how to apply for one.

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The Keys to a Quick Close: 6 Ways to Speed Up Your Client’s Closing

Realty Biz

Between organizing, verifying, and thoroughly checking documentation, accounts, and pre-approvals, agents can sidestep delays with ease. Advocate for pre-approval. Encouraging pre-approval can shave a few weeks off of closing, saving you are your client time and headaches.

Mortgage Rates Dipped Below 3% – And What That Means for Buyers and Sellers

First Team Real Estate

The average 30-year fixed-rate mortgage fell to a record low of 2.98% last week, the lowest ever recorded by Freddie Mac in the nearly 50 years of the mortgage giant’s survey.

Plaid unveils Income to aid customer finance

Housing Wire

Fintech company Plaid has announced the release of Income, a beta product looking to simplify income verification so customers can secure loans, qualify for mortgages, rent apartments, lease vehicles, and more.

5 Ways to Win a Real Estate Bidding War without the Highest Bid


All-cash offers, pre-approval letters, and flexible timelines are all strategies that can beat out the highest offer. Get pre-approved for a mortgage. One of the first steps you should take towards purchasing a house is obtaining a pre-approval letter.

What Is a Verified Approval Letter—and How It Helps in a Competitive Market


Although there are factors when competing with other buyers that are beyond your control, there is one step that will give you an edge: Start your home search process by getting a Verified Approval Letter (VAL), an underwritten offer that shows sellers your financing is verified.

Is now a good time to sell a home?

Housing Wire

Homebuyer demand has surged in recent months, and according to the Mortgage Bankers Association, applications to purchase a home were up 40% over the year for the first week of September. First is the market’s low mortgage rates.

How to Get a Home Loan: 10 Steps to Success


Clearing your way to get approved for a home loan will ensure that you are ready to act when that dream home appears on the housing market. Most mortgage lenders advise starting the pre-approval process for a home loan 6 to 8 months ahead of when you expect to begin looking for a house. .

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