Results for: preapproval
Who Needs a Mortgage Preapproval?
Mortgage preapproval letters have become a standard practice in the home buying process. Most sellers would like something of substance from a lender stating that you actually have the means to buy their house before making it unavailable to other buyers. Why take their house off the market and go into contract with you, when […]
How do I get a Preapproval Letter?
As we head into June, it is time to start thinking about making offers on those houses you have spent the last month looking at. And the first thing you need in order to put that offer in is a preapproval letter. This is a letter from a reputable lending company which states that, given […]
Do I Need a Preapproval to Buy a House?
Preapproval letters, also called prequalification letters, are an important part of the modern home buying process. Many of my clients who have been down the home buying path before get upset when asked for a preapproval letter by a realtor before the realtor will even take them to see houses. I have been told by […]
What is the Preapproval Process For a Mortgage?
Many of my customers looking to buy a home come to me with some vague notion that they need a preapproval, but are unsure of what this really means. Some think it is a binding letter which means they are in an agreement with me for a specific dollar amount and that it can’t be […]
Michigan Mortgage Lender FAQ – Can Loan Preapproval Lower My Credit Score?
A common question I run into from clients – especially first time buyers – has to do with their credit scores and mortgage preapproval. The question is usually phrased in some way similar to “I’m getting ready to buy a home soon but I’m worried that if I get preapproved too early and don’t find […]
First Time Home Buyers – The Benefits of Mortgage Preapproval
If you’re seeking a mortgage in Michigan to buy your first home, chances are good that the entire process of buying real estate is a little daunting – navigating the murky waters isn’t exactly easy when you don’t have a map and you’re not sure how the process works from start to finish. Real estate […]
Divorce Lending Series – Part Six – Documentation Needed
Each divorce is unique and the documentation needed will vary based on the circumstances. In addition to the standard mortgage financing documents like, tax returns, W2’s/1099’s, pay stubs, and bank statements, the most common documents needed in a divorce lending situation include, but are certainly not limited to: Executed copy of the final divorce settlement agreement, […]
Divorce Lending Series – Part Five – Who’s on Title?
Title vesting is the manner in which ownership, aka title, is held on a property. Various states have various ways of holding title. For this posts purpose, we are going to concentrate on the State of Michigan. Here are the most common forms of title vesting in Michigan Tenancy By The Entirety – Only a married […]
Divorce Lending Series – Part Four – Mortgage Guidelines That Matter In Divorce
For a Certified Divorce Lender, one of the most important, if not the most important goal, is ensuring our clients housing goals are met, post-decree. In order to do so, a Certified Divorce Lender must be educated in the mortgage lending guidelines impacted by divorce. There are several impacted, but the three most common are: Contingent Liability A jointly obligated debt in which […]
Divorce Lending Series – Part Three – How To Value The Home
One of the first steps in working through real estate issues in a divorce, is to determine the value of the marital real estate. If you and your spouse are unable to agree on the current market value(s), there are several valuation methods that can be used. Tax Assessed Value The tax assessed value is […]