Prequalifying For a Mortgage [mortgagegoalrates.blogspot.com]
Question by peanutstarshine: PreQualify Mortgage Question? I'm preparing to buy my first home. I recently prequalifed with a local bank online. Its a trusted bank. I'm under the impression that I must have a home and a number value in mind before I can apply for a mortgage (because they forms always ask the purchase price and location of the home), and so I'm wondering how likely it is that even with a pre-qualify that I will be turned down for the mortgage once I apply. How reliable are pre-qualifies when it comes to whether you will get the mortgage or not??? Best answer for PreQualify Mortgage Question?:
Answer by glenn
Some states actually regulate this kind of thing. They don't in my state. But even in states where they are regulated the pre- qualification and even the pre approval letters are only a guide. They usually spell out what they mean. You data will still have to be rechecked and the house checked out and the mortgage market can not substantially change- among other things. They are guides. It would mean a lot more if you had spoken with a good loan officer in person. The on line things don't mean near as much.
Answer by Arizona fun
Banks pre-qualify or pre-approve. Pre-qualify doesn't mean much. In the end, it is their confidence in your ability to pay them the principle plus interest that they care about. If you have excellent credit and they "know you'll pay", they wouldn't appraise the house or care if you bought a dump because they "know you'll pay". That's what good credit does for you. They pre-qualify you which means they'll look at the offer and then study your credentials closer. There is no promise of anything, they are saying they don't want to waste much time with you till you do make an offer. Talk to several banks, get several quotes for interest rate and closing costs. They do compete if they want your business.
Answer by Heaven Lee
Call a LOCAL bank or lender. Deals fall apart ALL the time using on-line or 1-800 numbers when trying to get pre-qualified for a home loan. Once you get pre-qualified you will know how much you can afford or how much they are willing to lend you. Then you can begin to look, seriously. It doesn't cost anything to get pre-qualified and it takes less than 15 minutes to give them the info they will require to pull your credit. They should get back to you by the end of the day with an answer. I know where I work we pull credit and call back within a half to an hour depending on how many booked appointments we have. Good Luck!!
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mortgagegoalrates.blogspot.com How To Pre Qualify For A Mortgage - Equity Direct Funding
From this data, the app will show critical prequalification information, including the monthly mortgage payment (principle and interest) and front-end and back-end ratios. The iPad app's new mortgage calculators allow originators to easily enter ... LenderMobile Launches Lead Generating Social Feature, Prequalification Tools ...
Prior to obtaining a mortgage, consumers generally seek to prequalify. This is the process of having a lender look at the consumer's credit profile, debt to income ratio, and from there make an educated guess about how much money the lender is willing to give to the consumer as a mortgage loan. This is usually done before the consumer ever even starts looking at homes. For the majority of home shoppers, this prequalification actually determines the price range of homes they will focus on with their buyers' agents. What is more, such a prequalification protects consumers from bidding for a house only to be disregarded because they lack a lender letter stating that this bidder is a serious contender and considered creditworthy by a lender.
Prospective home sellers want to see buyers who have already entered into discussion with a lender willing to write a mortgage loan for them.
This separates these consumers from others who might not be able to secure financing, and who may - while the buyer and seller are tied up in a transaction that will ultimately fall through - in the end be a costly mistake for the seller who sends other would-be buyers packing. While there are a number of mortgage calculators on the Internet, the only accurate means of discerning how much money a borrower can qualify for is through discussion with an actual lender. After all, even though the lending rules are fairly standard throughout the industry, different lenders offer different loans.Moreover, some lenders may not offer the kinds of loans a consumer might find more profitable and which, in the long run, might allow her or him to buy more house for the money. This is especially true for borrowers who would like to buy more home at the onset than they have money for in the long run, but - because of future business growth - anticipate being able to afford the actual house payments in the future.
Such loan products may include adjustable rate mortgages, balloon payments, and also low interest or interest only loans that for brief periods of time offer a set of payments easy on the pocketbook. In some cases there are even alternative means of financing that only lenders truly know about and can set up for their clients.Prequalifying with a lender is quick and easy. Rather than submitting a whole loan application, the would-be borrower simply needs to disclose assets, liabilities, monthly payments, income from all sources, and consent to having a credit report pulled. The lender will evaluate these figures and based on the debt to income ratio and also the underwriting standards germane to that particular financial institution offer a figure which presents the upper cap of the loan the bank is likely willing to offer. In some cases they might even go so far as to calculate the interest rate the consumer might have to pay for the loan, which further influences the buying decision of future homebuyers who are ready to make the largest investment in their lives.
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