What's the difference between pre-qualifying and pre-approval? Pre-qualification means that the mortgage lender has reviewed the financial information you have provided and believes you will qualify for a loan. Pre-approval is the second step in the loan process, which is a conditional commitment...
Think of a mortgage broker as a matchmaker between you, the homebuyer, and your perfect lender “match.” When buying a home or refinancing, a mortgage broker doesn’t lend you money directly, but acts as a liaison between you and your lender. A mortgage broker, such as Morty, is taske...
Title search charges and title insurance Taxes due upon closing Prepaid interest It pays to know what documentation you will need as well as to understand the mindset of the lender if you want to become preapproved for a real estate loan. Take time to make a checklist of what you need to...
Once the loan documents have been signed, the escrow officer delivers them back to the lender either by email, fax or physical delivery for review. When the lender is satisfied that all required documents have been signed and all outstanding loan conditions have been met, the lender will notify...
(obsolete) acater: an officer who purchased cates (food supplies) for the steward of a large household or estate. Accommodate To render fit, suitable, or correspondent; to adapt. To accommodate ourselves to circumstances Cater (obsolete) caterer: any provider of food. Accommodate (transitive) To...
, while technical analysts look for short-term indicators such as moving averages and reversals. here are a few things to keep in mind as you learn more about the distinctions between bullish and bearish markets, and how each can affect your investment strategy: how do bullish and bearish ...
Do you know the difference between mortgage interest rates and annual percentage rates (APR)? These rates are very similar in that they are both used to express the cost of borrowing money for a home loan. In fact, many people, even within the real estate industry, effectively use these te...
• You must maintain clear boundaries between personal and business interactions. When you develop a close friendship or romantic relationship with a coworker, it can create a conflict of interest. For more information in this regard, refer to the Employment of Relatives and Others with Close ...
When borrowers work with a loan officer, they deal directly with the institution that will lend them money. When borrowers work with a mortgage broker,they work with a third party. The broker merely facilitates the process between the borrower and the lender. Loan officers can only offer loans...
A lender is any financial institution that makes loans and mortgages. Mortgage brokers don't lend money directly: They find lenders for their clients, or, in other words, they work as an intermediary between the lender and the borrower. What's the Difference Between a Real Estate Agent and ...