There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize,
What’s the difference between pre-qualification and pre-approval?
Both pre-qualification and pre-approval help you see what your mortgage could look like and estimate how much house you can afford, but they have some important differences.
Pre-qualification
Pre-qualification uses self-reported information (like your stated income) to provide a rate quote. Because the lender doesn’t verify whether the numbers you provide are accurate, prequalified rates are rough estimates only. Prequalifying only involves a soft credit check, so it does not affect your credit report and won’t show up on your credit history.
Pre-approval
Pre-approval, on the other hand, is like a “dress rehearsal” for your mortgage application. You’ll provide financial documents like pay stubs and bank statements, and the bank or lender does a hard credit check to verify your credit history. As a result, pre-approvals do affect your credit score, although usually by just a few points. Don’t let that deter you, though. A pre-approval letter shows you’re a committed buyer with sufficient purchasing power to close the deal.
Real Estate Blog
If you’re considering buying a home in a community governed by a Homeowners Association (HOA), you’re not alone. HOAs are common, offering a structured community environment with shared amenities and well-maintained surroundings. However, navigating life with an HOA can come with its own set of challenges and benefits. Here’s a handy guide to help you make the most of your HOA experience.
Navigating the world of home financing can be complex, especially when deciding between a mortgage broker and a mortgage banker. Understanding the distinctions between the two can help you make an informed choice that best suits your financial needs and goals.
As the effects of climate change continue to intensify, the repercussions are reverberating throughout various sectors, including the home insurance industry and the broader U.S. housing market. With each passing year, extreme weather events fueled by climate change are leaving an indelible mark on the affordability and availability of home and fire insurance across the nation.
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I met Mr Hyde in 2017 while searching for someone to help my sister in law who was in a financially challenging position
I was referred to Lamont Hyde from a neighbor of mine who had used him to purchase her home a few years back. My mother had past away a few months
My wife & I never thought we could afford to own our home. We were currently living with my mother since being married 8 years ago.
