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What does pre-approval for a home loan mean and does the lender think you will get the loan?

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2005-11-07 03:08:11
2005-11-07 03:08:11

Pre-approval means that as long as everything required for the loan is met you will reciceve the loan you requested. Things like verifying your income, tax returns etc.

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Just contact your lender and get a preapproval letter for the amount you can get lending for. then obtain your loan once the auction is final.

When a borrower has a lender check their credit and verify their income, thus providing assurances that they would be able to get a loan up to a certain amount.

A preapproval on a home loan is a simple letter stating that you make enough income to purchase a certain price amount on a house. Prequalified means that you have actually qualified for the loan to buy.

To get approved for a home lender loan you need to do the following things: fill out an application for the loan with valid and honest personal information, have a stable income, and a solid credit history.

No. A home equity loan, also known as a second mortgage, uses your home as security. If the loan is not paid back, the lender may go after your home.

Each lender is different. Contact the lender of your choice for that lender's policy.

One can find a home improvement loan lender on various websites like Zillow and Nationwide. One could also visit a local bank and ask if they have any home improvement loan lenders.

Refinancing a mortgage can sometimes save money in the long run. Many times the original lender can modify the loan. Other times borrowers can find a new lender to purchase the loan from the original lender.

How long does a lender have to re-disclose to the consumer after a change in circumstance?

The lender can change the rate on a variable rate loan. A fixed rate stays the same for the life of the loan.

Realtor online is a website devoted to those wishing to find and purchase properties. This website has information on finding and applying for pre-approved loans for home buyers.

No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.

the Minority Prequalification Loan Program assists qualified minority-owned, for-profit companies to obtain preapproval for a 7(a) loan guaranty.

Not many..A loan is not closed until it has funded..Apparently in your case, you are not dealing with an aboveboard lender or mortgage broker..Unless you do what the lender wants, you will not get the loan..Remember..He/She who has the $$$ makes the rules..After a home loan has closed, a lender can ask you to help correct documentation, but can not change the terms of the transaction.

You need to notify the lender of any changes in ownership. They will then call in the loan.

One can get a fixed rate home equity loan using a real estate values website to figure the value of their home. Then one has to apply for the loan with their lender.

No. If you were not approved for the loan, no loan was made and therefore you don't have any responsibility to the lender.

A private loan lender is a lender that is acting on behalf of a privately owned organization or business, as opposed to a government regulated or non profit lender.

Yes when you pay off your auto loan the payment should be made to the lender. In fact all auto loan payments should be made to the lender who financed the loan.

No one can guarantee that your home loan modification will be a success. It ultimately depends on your Lender as to whether or not they choose to modify your loan. However, if you provide your Lender with all of the documentation that they require, in the manner that they need it, then your chances of a successful loan modification will be greatly enhanced.

Some items that are needed when going to apply at a commercial loan lender are your loan application, and a resume. These items are essential when applying at a commercial loan lender.

No. The loan is owned by the lender. The co-signer never has any authority to remove their name from the loan. They need to discuss that matter with the lender.No. The loan is owned by the lender. The co-signer never has any authority to remove their name from the loan. They need to discuss that matter with the lender.No. The loan is owned by the lender. The co-signer never has any authority to remove their name from the loan. They need to discuss that matter with the lender.No. The loan is owned by the lender. The co-signer never has any authority to remove their name from the loan. They need to discuss that matter with the lender.

Prequalifying for a home loan is a good way to get started on looking for a house to purchase. If you are looking to get prequalified talk with your home loan lender, whether it is your bank or a separate company.

A purchase money loan is a loan usually used to buy a home. A non purchase money loan is a loan for other reasons where the lender does not know what is being bought.

A home equity loan is a mortgage based on the value of your home that exceeds any outstanding mortgages. Your equity is the value of your home that is actually paid for. If your home is fair market valued at $100,000 and there is an outstanding mortgage in the amount of $40,000 then you have $60,000 in equity. However, note that due to costs, fees and fluctuating home values a lender will generally not loan the full amount of equity but something less than the fair market difference. In your case, having no equity in the home means that you have nothing to offer the lender as collateral and the lender has no reason to loan you any money. No equity means no home equity loan.


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