Finance

Unless homebuyers pay cash for the total price of a home, they are likely to borrow at least some of the money needed to make the purchase. Lenders offer a broad array of secured loans, known as mortgages, to help buyers realize their dream. A mortgage is a loan used to purchase real estate, a…

A pre-approval letter is a document from a lender based on certain assumptions, stating the maximum the lender is willing to lend to purchase a home. When applying for a mortgage pre-approval, the lender typically requires information about your credit, employment, income, debts, and assets to determine your creditworthiness. Documents Needed for Mortgage Pre-Approval Here…

As you prepare to purchase a new home, you’ll hear the terms “pre-qualified” and “pre-approved.” These are key steps in the mortgage application process. However, there are important differences in the two terms that every homebuyer needs to understand. Briefly, being pre-qualified is a first step in the mortgage process that gives you an idea…