Loan Approval Factors

Pre-Approved? You May Need a Second Opinion

Have you already been pre-approved for a mortgage?  If I were, you, I’d call for a “second opinion.” If you have already been pre-approved or pre-qualified for a mortgage on your next home, are you absolutely sure you are getting the best deal? I’m not talking about interest rate either. I’m talking about the structure …

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How Loan Modifications are Affecting Credit Reports and Scores

Just over a year ago, the Obama Administration’s $75 billion mortgage modification program went into effect, a response to the first year of “The Great Recession,” where nearly two million Americans lost their homes through foreclosure, short sales, and deeds in lieu of foreclosure. An effort to rescue homeowners teetering on the brink of disclosure, …

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Loan Approval vs. Loan Pre-Approval

Now that you have created your list of amenities you want in your new home, are you ready to start searching?  Well, not quite. You will need to know what price range you can afford. There are two ways to go about this: You can either get pre-qualified, or pre-approved for a mortgage. Whichever you choose, …

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Common Loan Qualification Mistakes

Once your loan package has been sent to the lender, there are a number of things you should avoid doing that will change your financial picture. Remember, the lender is looking for stability and consistency. If you want the best interest rate, keep that in mind. Here are a few things to consider: Large Deposits …

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Automated Underwriting and The Home Mortgage Process

If you have relatively good credit, today’s automated underwriting systems provide a list of only the documentation that is necessary to satisfy the lender. The way it works is that once the lender has your application and has pulled your credit, the file is uploaded to one of three locations, Fannie Mae, Freddie Mac or …

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