Windemere Buying

MARCH 1, 2023

Before you begin your home buying journey , it’s helpful to know about pre-approval, pre-qualification, and proof of funds, and the role they play in a real estate transaction. Homeownership Terms to Know: Rent-Back Agreement, Joint Tenancy & More Pre-Qualification and Pre-Approval What is pre-qualification?

Pre-qualification 100

Pre-qualification Pre-approval Proof of funds Loans 100

HomeLight

AUGUST 31, 2021

submit your purchase offer with a pre-qualification or preapproval letter from a lender, these funds aren’t a sure thing until the loan is fully approved. Make sure you’re already preapproved for your loan (or go through pre-underwriting, if possible) so waiting for that isn’t a factor. Though you can (and should!)

Due diligence 80

Due diligence Inspection Pre-approval Pre-qualification 80

HomeLight

MAY 24, 2021

A step up from pre-qualification, preapproval often means the lender gives conditional approval, stating the size of the mortgage you’ve been preapproved for (though what constitutes a “preapproval” can vary from lender to lender). Get preapproved for a mortgage. Beyond that, think about how much you can put down.

Pre-qualification 107

Pre-qualification Pre-approval Purchase and sale agreement Loans 107

HomeLight

MARCH 2, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs you might have as well. CalHFA works through approved lenders, and buyers apply for the program through their loan officer. Do they need to do a rent-back on the house, or do they want a quick close?

Closing 96

Closing Earnest money deposit Sales Inspection 96