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It is important that you understand the basic difference between being "pre-qualified" or "pre-approved" by a mortgage lender as you are looking for a home to purchase. A pre-qualification is not the same as pre-approval. The buyer, seller, and agents involved in the transaction need have the same agreement regarding the buyer's ability to close the purchase.

Consolidate Student Loans Your realtor will want you to talk with a mortgage company as soon as possible. The reason is that the realtor needs to know the top price range you can afford and housing expense you are comfortable with. It also helps your realtor when presenting an offer to the seller's agent to show that you have taken steps to approval. It may very well help persuade the seller to accept your offer. In many housing markets the pre-qualification or pre-approval letter is accepted as part of the purchase presentation to the seller's agent.

Once you've found the lender with the best interest rates and fees, get preapproved. Preapproval means that the lender is willing to fund your mortgage to a specified amount. It also locks you into an interest rate for 60 to 120 days while you shop for the right property. To sellers, preapproval means that you have buying power. This buying power will enable you to negotiate the selling price of the building, as well as other terms, such as the closing date.

Home Equity Loans . When you are speaking with a loan officer to be pre-qualified you are giving information about your financial condition. The loan officer will also ask questions regarding your credit. There may even be a credit bureau drawn to see where you stand. Then the loan officer will give you an opinion of how much you can afford based on the information you have told that person. This is not a commitment to make the loan! You should be given a letter that states the pre-qualified mortgage amount and type of loan. It should state further that loan approval could be issued after the information you gave is verified & formally underwritten.

Mortgages.co.uk can help you save money when it comes to your mortgage The difference between the most competitive mortgage deal and the average lender standard variable rate could be hundreds of pounds each month. Thousands of mortgage borrowers throughout the UK let their deal expire and pay over the odds for no reason.

Home Equity Loan Rates When you receive a pre-approval it has more weight than a pre-qualification. The pre-approval letter will give the maximum loan amount with the specific details of the total mortgage. It should have only conditions such as clear title report, underwritten appraisal, general closing conditions and no negative change in your status as a buyer.

A person who has borrowed money against a mortgage over their property. Credit slang for the way that the maximium amount of mortgage is worked out. For example, a lender may lend up to 3 times first income and 1 times the second income, or 2 times joint income. These figures are known as multipliers. The difference between the value of your house and your mortgage, when the value is less than the mortgage outstanding.

Homeowner Loans If you are serious about buying a home, and you are satisfied with the mortgage company, you should get as solid a pre-approval as you can. You don't want any surprises along the way.

How to protect yourself against ID theft, and what to do is you suspect yours is stolen. Residential Property This Kit gives you information on how the mortgage business works and on where you can make, sometimes, huge savings. Work out how much you can borrow Get a mortgage if you have a poor credit history or have debts Find a good mortgage deal Budget for a new mortgage

Equity Loan Rates Bill Wehr publishes mortgage articles at www.mortagejourney.com.
Bill has an MBA and is the owner of Great Pacific Northwest Mortgage www.billwehr.com
serving Oregon and Washington. For loans please complete a secure on-line application at
www.portlandoregonmortgages.com.

The higher your credit score is, the more you can save in interest on mortgages, auto loans, home equity lines of credit and credit cards. Even just a few points one way or the other in your credit score could mean a difference of thousands of dollars when you're paying off a mortgage over 30 years. And the savings that a high credit score typically offers can then be applied toward retirement savings, college funds, cars, vacations, day expenses.

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