Category Archives: Mortgage Loan Process

Pre-Qualification vs Pre-Approval

It’s important to understand the difference between a mortgage pre-qualification from a mortgage pre-approval. Most people use the term pre-approval without really understanding what it means. People are simply more familiar with the term pre-approval versus the term pre-qualification. There is a big difference between the two terms.

May 20, 2011 at 12:24 pm | Comments Off on Pre-Qualification vs Pre-Approval

The Mortgage Loan Process

One of the first things a loan officer should go over with their borrowers is the mortgage process. It’s important for the borrower to know what to expect during the mortgage process. So we’re going to go over how the loan process works.

Once a customer has a fully executed sales contract—a contract that is signed by both the buyers and sellers—and they get through the attorney approval clause and home inspection, the next step is to order the appraisal.  Generally, you don’t want to order the appraisal until the attorney approval and home inspection is taken care of just in case there are any issues with either.  There’s no sense in a borrower paying for an appraisal (normal cost $400) if there are any issues with the contract and/or property.  During this time

May 17, 2011 at 9:52 pm | Comments Off on The Mortgage Loan Process