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Homeownership Terms to Know: Pre-Approval, Pre-Qualification & More

Windemere Buying

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?

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Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference?

HomeLight

Like pre-qualification or pre-approval. Let’s lay it all out: How pre-qualifications and pre-approvals are similar Pre-qualifications and pre-approvals have a few things in common. Learn More What’s a pre-qualification? What’s a pre-approval?

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What Is a Pre-Qualification Letter? Not a Guarantee You’ll Get That House

Realtor.com

designer491/Shutterstock What is a pre-qualification letter? I tell most people they can take that pre-qualification letter and throw it in the trash,” says Patty Arvielo , a mortgage banker and president and founder of New American Funding, in Tustin, CA. What to know about a pre-qualification letter.

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UWM expands its hard credit reports program

Housing Wire

In addition, in its Safe Check Complete version, launched Wednesday, the broker can order a pre-qualification based on a three-bureau soft credit check for $23. But the Pontiac-based lender expanded Safe Check to government and jumbo loans, it announced Wednesday.

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CHLA applauds bill to crack down on mortgage trigger leads

Housing Wire

. “We hope that your introduction of this bill will lead to more rigorous debate in Congress and among federal regulators regarding the best solution to combat abusive trigger leads when a credit report is pulled in order to obtain a mortgage loan pre-qualification or a mortgage loan.”

Mortgages 370
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How lenders can help borrowers improve their credit score

Housing Wire

At HousingWire’s 2021 Annual Spring Summit, CreditXpert VP of Sales and Client Success Matt Hydrew and T odd Worthington , director of qualification support at Bank of England, discussed top-of-the-funnel strategies lenders can use to help borrowers gain a better understanding of their credit score. Or, give up looking altogether.

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What originators may not know about non-QM lending

Housing Wire

I do think a primary issue that has come up over these years is that non-QM borrowers and non-QM loans, they’re not the subprime of the pre-financial crisis,” he said. This is because they’re the ones that are going to be doing the pre-qualifications for you. “We’ve been educating originators since 2013.

Lending 369