Once you start looking for a home you will hear different terms from realtors and lenders involving your mortgage. Pre-qualified, pre-approved, written commitment. These are all distinct stages of the mortgage process. Which should you concern yourself with, what is the difference? I’ve explained each term below. You should always get pre-qualified from more than one lender and keep in mind that lenders regard different earnings in different ways.
Called a loan commitment it is issued by a bank when it has approved you and the specific property you are purchasing. The commitment requires the property to appraise above the loan pre-approval amount. Your income and employment are usually re-verified. A followup credit check is done again to ensure nothing has changed since your initial approval.
Kate's a practicing Attorney for over 20 years. She is a pet rescuer and a strong supporter of pets Rights. Kate expertise is Real Estate, Probate, Estate Planning, Personal Injury, and Business contracts. Kate is happy to discuss any legal or pet matter you may have and if she cannot help; she is more than happy to point you in the right direction. Kate Forte 17 Good Hill Rd Woodbury Ct 06798 Office 203-598-8847 Fax 203-841-1116