When a lender commits to a loan before the borrower finds a property to buy
Even if you have not found a property, some lenders will give you a written preapproval on a loan.
The benefits to getting a preapproval are:
(1) you know exactly what you can afford to offer for a home
(2) you show a seller and your realtor how serious you are about buying a home
To get a preapproval, you have to fill out a standard loan application. Keep in mind that you the lender can only guarantee (lock) the loan’s interest rate once you have found a property.
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Showing posts with label Preapproval. Show all posts
Showing posts with label Preapproval. Show all posts
Tuesday, June 27, 2006
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