Q. We're a military family, and I believe eligible for a VA home loan. We have about 30K in credit card debt, but are hoping to pay it off before applying for the loan. Just wanted some info on what to expect.
A. Got to get your VA certificate first, then apply like any other mortgage. I wouldn't use a VA home loan if you don't have to. You have to pay a funding fee ontop of your regular closing cost. But good luck.
What is the difference between pre aproval and pre qualify in home loan?
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
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