Q. I keep seeing people talking about being pre approved for a home loan or being pre qualified, one being quicker and easier than the other. What is the difference/benifit of the two?
A. Preapproval is a conditional approval usually received after you have applied for a home loan. A final approval is given once a underwriter has reviewed the loan.
A Prequalify is given to people that have passed a general screening process based on the lenders guidlines. A prequal doesn't mean you are preapproved, preapproval will usually be given once you apply and meet the the lenders qualifications.
The process for either or will be the same. If you have a preapproval from your current mortgage provider then that means they did a more in depth research to prequal and the process maybe quicker with them.
A Prequalify is given to people that have passed a general screening process based on the lenders guidlines. A prequal doesn't mean you are preapproved, preapproval will usually be given once you apply and meet the the lenders qualifications.
The process for either or will be the same. If you have a preapproval from your current mortgage provider then that means they did a more in depth research to prequal and the process maybe quicker with them.
What's the difference between home loan modification and mortgage refinancing?
Q. home loan modification vs mortgage refinancing, are they the same thing?
A. A mod will take your existing loan and make changes to it it can lower your interest rate and your payment or just lower your payment the bank will take your financial information from you and then they will determine how much you can afford to pay a month then the mortgage company will make a decision based on the information they have got from you if they will do the mod but with the new obama plan they will give you a mod for 3 months to see if you can make the new payments is you can then you get the mod if you can't then you don't and the obama plan will give you a fixed interest rate instead of an adjustable one
A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are behind in your current mortgage most banks will not touch your loan and you will have to try and get a modification
A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are behind in your current mortgage most banks will not touch your loan and you will have to try and get a modification
Who has the best home loan interest rate for right now?
Q. Who has the best home loan interest rate for right now? Please provide websites if you have them.
A. Best home loans are easy to get if you know where to look. Home loans with low interest rates can make a sizeable difference in your savings, both on a long term and short term basis. However in order to get the best interest rate on your new home loan, you need to follow some tips.
http://www.worldbestloans.com/homeloans.htm
A sure-fire way to finding some of the best home loans rate is by comparing between 3-4 different lenders prior to deciding who to opt for. While most lenders have a wide range of interest rates and schemes, those who offer flexibility in terms and conditions or can customize to your preferences can work the best for you.
http://www.worldbestloans.com/homeloans.htm
A sure-fire way to finding some of the best home loans rate is by comparing between 3-4 different lenders prior to deciding who to opt for. While most lenders have a wide range of interest rates and schemes, those who offer flexibility in terms and conditions or can customize to your preferences can work the best for you.
Powered by Yahoo! Answers
No comments:
Post a Comment