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Advantages Of Mortgage Pre-Approval
There are several advantages to getting mortgage pre-approval
before looking for a home.
Being pre-approved for a loan lets you know how much you can
borrow towards a home, your agent can help you find a home within
the loan amount you're pre-approved for, and a seller of a home
is more likely to accept your offer than someone who has not been
pre-approved for a loan yet.
Your lender will review your credit, financial, and employment
information during the mortgage pre-approval process after you
fill out an application.
Once you qualify for a loan, you will receive a mortgage
approval letter. It will contain a maximum loan amount you're
approved for and how much time you have to use the loan. This is
your bank's guarantee of the amount they will lend you toward the
purchase of a home.
When you are ready to negotiate a price for a home, the seller
will be more willing to accept your offer because you already
have financing available. A seller would be more reluctant to
accept an offer from someone who doesn't have the money yet to
buy the home, because the offer can fall through if the buyer
can't come up with the money at the time of closing.
The advantages of having mortgage pre-approval puts you in a
better position to look for houses that you can afford because
you already know how much money you can borrow and you already
have financing in place when negotiating a price for a home.
Michelle Roebuck provides mortgage and home buying advice for
people with bad credit at http://www.find-bad-credit-mortgage-loans.com.
Sign up for her newsletter at http://www.find-bad-credit-mortgage-loans.com/newsletter.html.
MORE RESOURCES updated Sat. May / 27 / 2023
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RELATED MORTGAGE AND REFINANCING ARTICLES:
How to Compare Fixed
Rate Mortgages and Adjustable Rate Mortgages
There are many types of mortgages, and the more you know
about them before you start, the better. To compare one
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mortgage, you need to know about indexes, margins,
discounts, caps, negative amortization, and convertibility.
Getting The Best Home
Equity Loan
Owing to the popularity of home equity loans, there are
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products. A bad choice of mortgage can lead to disastrous
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losing one's home.
Using a Mortgage
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Online mortgage companies make refinancing convenient and
competitive. By researching mortgage rates and lenders
online, you can be assured that you have the best
refinancing rates.
What You Don't Know About
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Some people in the real estate industry have a terrible
reputation. Why, because they deserve it.
Mortgage Info You Can
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This is a great time to Refinance Your Home or Buy a New
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Refinancing Your House -
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Refinancing your house's mortgage is not the same thing as
getting a second mortgage. While both allow you to cash out
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Flexible Mortgage
Tips
Outlined below are some useful flexible mortgage tips. The
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Which is Better?
Fixed-Rate or Adjustable-Rate Mortgages
The answer depends on several factors including your
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Home Mortgage Loan
Refinancing Online - 3 Tips on Refinancing Your
Home
When refinancing your home, it's helpful to know a few
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The Debt Test: Are You
Making Out a Mountain Out of Your Mortgage?
According to the Council of Mortgage Lenders, first-time
buyers are the most susceptible group of homeowners to
debt, as they are more likely to have higher loan-to-value
ratios and commit a higher proportion of their income to
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No Money Down Home
Loan
Are you in the market to purchase a home but are concerned
about not having enough money for the down payment? No down
payment home loans or 100% financing for your mortgage loan
used to be only advertised during late night infomercials
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available for the down payment, there are mortgage lenders
who are offering no money down home loans in your area.
Mortgage Debt Elimination
in 5 to 7 years!
Mortgage Debt Elimination shows that most home loan debts
will be secured. Secured debts usually are tied to an
asset, like your house for a mortgage.
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- Is 100% Financing a Good Idea and Can You Get
Approved?
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with 100% financing? Are you also wondering if its a good
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different mortgage loan options.To qualify for 100%
financing on a purchase mortgage loan, it would be
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There are great mortgage loans for people with poor credit,
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Choosing a Real Estate
Agent
Before you go looking at houses, you'll need to find a real
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Flexible Mortgages -
Offering Relief from the Fixed Mortgage
A pension mortgage may seem lucrative at the first sight.
However, they seldom are, if the customers who took pension
mortgage are to be believed.
Home Loan Refinancing -
What Lenders Don't Want You To Know
Refinancing lenders seems to hold all the cards. They have
the money and their own system for determining which type
of credit you can qualify for.
Home Equity Loans: A
Useful Financial Tool
The investment need of an individual varies with time. Thus
the need to buy a car or invest in a new house, which may
have seemed "beyond means" a few years ago, may be a
relevant and wise decision today.
Bad Credit Mortgage
Loans Online - How Your FICO Credit Score Can Affect Your
Loan Approval
When applying for a mortgage loan when you have a bad
credit history. There are a few things you should know
about your FICO score that will help you know what to
expect from mortgage lenders.
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