Archive for the 'Questions and Answers' Category
What is a Pre-Approval?
A pre-approval is the process by which a mortgage lender gathers your income and asset documentation, determines the down payment amount and reviews your credit to make a decision regarding your qualification for a mortgage. Pre approval letters communicate that the loan officer has obtained the initial documentation required and that the borrowers qualify for [...]
Read More..>>Are All Mortgage Lenders’ Rates The Same?
Not necessarily. One lenders rate/point/costs option may be significantly better then another’s for a variety of reasons such as:
• The overall cost structure of the company producing the loan. In other words, their overhead might be higher or lower than a competitor.
• Incentives paid by the investors that [...]
What’s behind my home mortgage rate quote?
Home Lending Mortgage rates are a function of mortgage backed securities that are traded on Wall Street. Loan officers receive pricing updates many times a day from their secondary department or directly from the lenders that will be buying the loans. It is not uncommon that one particular investor will update the rates they [...]
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