Home Mortgage Tips , ,

Understanding the Difference Between a Mortgage Pre-qualification and a Pre-approval

If you're in the market for a new home and you've been researching mortgages, you've likely come across the terms "pre-qualification" and "pre-approval". While these terms are self-explanatory in some circumstances, they are quite different in regards to mortgage financing. In today's blog post we'll explain the difference between a mortgage pre-qualification and a pre-approval. Pre-qualification: an Initial Look at Your Mortgage Options The first – and easiest – step on the way to receiving mortgage financing to buy a home is known as pre-qualification. During this process you'll meet with a mortgage advisor or lender who will assess your…
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Home Mortgage Tips , ,

Three Key Tips to Help Ensure Your Mortgage Pre-Approval Isn’t Declined

If you're thinking about buying a new home and using a mortgage to help cover some of the purchase costs, it's a good idea to get an initial pre-approval from your lender before putting in an offer. In today's blog post we'll share three quick tips that can help to ensure that your mortgage pre-approval isn't declined. Demonstrate Your Income and Good Credit A mortgage is a major financial transaction and one that carries a certain amount of risk for the lender. It's your goal to help them see that you have the ability to make your monthly payments and…
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Home Mortgage Tips , ,

Did You Know That Your FICO Score Can Drastically Affect Your Mortgage? Here’s Why

Are you about to apply for a mortgage loan in order to buy a home? If so, you may be curious about your credit score and how this might impact your financing. Let's take a quick look at how FICO credit scores can affect your mortgage and share a couple of ways that you can boost your score to ensure your application is approved. What is a FICO Score? The Fair Isaac Corporation (FICO) is the country's leading producer of credit scoring information and is the primary source that most lenders will check to assess how much risk you present.…
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