0
What is the difference between a mortgage commitment letter and a pre-approval?
Wiki User
∙ 15y ago
A pre approval only approves the party to the transaction as qualifying for that amount while a commitment is a bona fide contract indicating that the lender will finance the amount of the loan for both the party and the subject property.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
What is the difference between fix and variable mortgages?
The difference between fixed and variable mortgages are that in a fixed mortgage, the rate can not change. In a variable mortgage, the rate changes with time.
What is the difference between a wholesale mortgage lender and a mortgage banker?
There are many differences between a wholesale mortgage lender and a mortgage banker. Lenders lend the money to fund loans and the bankers may be secondary lenders.
What is the difference between a 30 year and 15 year mortgage?
The main difference between an 30 year mortgage and a 15 year mortgage would be the monthly cost. The 30 year would be cheaper payments but the loan interest would cost more.
What is the difference between a mortgage and a home equity loan?
The difference between a mortgage and a home equity loan is that with a mortgage you're just being "loaned" the money and will be paying it back over a period of them and with a home equity loan you can withdraw funds on a needed basis.
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
What is the difference between mortgage lender and consumer lender?
== ==
What is the difference between a fixed second mortgage and one with a variable rate?
The difference between a fixed second mortgage and one with a variable rate is that fixed second mortgage has a fixed rate and is commonly thought of as safer than a mortgage with a variable rate.
What is the difference between fix and variable mortgages?
The difference between fixed and variable mortgages are that in a fixed mortgage, the rate can not change. In a variable mortgage, the rate changes with time.
What is the difference between a wholesale mortgage lender and a mortgage banker?
There are many differences between a wholesale mortgage lender and a mortgage banker. Lenders lend the money to fund loans and the bankers may be secondary lenders.
What is the difference between organizational commitment and job satisfaction?
It is different in many ways.
What is the difference between a mortgage and a home equity loan?
The difference between a mortgage and a home equity loan is that with a mortgage you're just being "loaned" the money and will be paying it back over a period of them and with a home equity loan you can withdraw funds on a needed basis.
What is the difference between a 30 year and 15 year mortgage?
The main difference between an 30 year mortgage and a 15 year mortgage would be the monthly cost. The 30 year would be cheaper payments but the loan interest would cost more.
What is the difference between a mortgage vs a home equity loan?
A mortgage is taken out for the sole purpose of paying for and acquiring a home. A home equity loan is taken out on a property where you already have a mortgage or have paid off the mortgage and want to release some of the difference between the value of your home and the balance of any remaining mortgage to spend on other purposes.
What is the difference between a loan company and a bank when it comes to a mortgage?
Mortgage companies typically employ brokers who are paid commissions based on sales. This is the main difference, but not only.
What is difference between contract and commitment?
A contract is usually something that is signed and dated and legally binding. A commitment is just something that you have verbally agreed to do.
What is the difference between commitment and promise?
Commitment is a dedication to a cause or course of action, implying a long-term focus and determination. A promise is a verbal declaration or assurance to do something, often made to another person, and typically involves a specific action or intention. In essence, commitment is a broader, more enduring concept, while a promise is typically a more specific, immediate agreement.
