Mortgage Pre Approval

A mortgage pre approval is when you submit an application to receive an approval for a mortgage prior to your home buying research. Prospective buyers will know what they can afford before shopping for a mortgage loan. When you pre approve, home sellers and real estate agents will know that you are a serious buyer. Being approved for a loan makes the home shopping process much more efficient and productive. Get more leverage when you are negotiating a contract and get results in expediting the loan process when you have found your property. Pre approval can be obtained within a week of the completed loan application. If you are looking to purchase and would like to be pre approved, simply fill out the application request, and a lender will contact you. The final loan approval is then subject to an acceptable property appraisal after you have chosen a home. A mortgage pre approval is when you submit an application to receive an approval for a mortgage prior to your home buying research. Prospective buyers will know what they can afford before shopping for a mortgage loan. When you pre approve, home sellers and real estate agents will know that you are...

Loan Modification

So what is a loan modification? A loan modification is a change in one or more of the terms in a mortgage loan so the loan can be reinstated. This allows the consumer to stay in their home and make their payments more affordable. The loan modification process has become more popular in recent years after the adjustable rates on people’s mortgages had expired and their monthly payments drastically increasing. This has caused many to either lose their homes or become very deliquent on their payments which lead to bad credit scores. Some steps to think about before considering using a loan modification company. 1. Use a company that has experience in dealing with many loan modification transactions. There are some companies who will guarantee the success rate of a loan modification, but often fail in delivering that promise while taking a fixed fee upfront. Buyer beware! 2. Educate yourself in the loan modification process. This involves reading up on what the modification entails and visiting your government websites for more information. 3. Finally, work all the numbers and see if it makes sense to you. You can also receive references and advice from your family or other professionals on your course of action. Get...


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