Colorado Springs Real Estate - Colorado Springs Homes
Colorado Springs real estate listings are readily accessible on this site that also includes a FREE relocation cd offer & complete relocation guide.This is your source for the most current Colorado Springs real estate information and for receiving help from experienced Colorado Springs REALTORS.
The 3S Approach-The SetupTypes of AgentsHow to Select an Agent Prequalified or Pre-Approved 7 Reasons to buy a home Moving with Teenagers -The SelectionHow to Find a Home50 "Things To Watch" when viewing a home 9 Types of Loans You Should Know -The SaleWhat is a Sales ContractFinding Quality Inspectors 10 Ways to Ascertain a Down Payment How Lenders Approve Loan Applicants Definitions of Closing Costs |
Colorado Springs Homes BuyerThe Difference Between Pre-Qualified and Pre-Approved.Current money lending markets are extremely competitive. Mortgage lenders must have an informal “measuring stick” in order to offer their clients a product. In order to establish your bargaining power with lenders you need to get Pre-Qualified for a loan. Thus the Pre-qualification is the informal measuring stick, and Pre-Approval is the final word that ensures you want to work with this lender. When the lender checks and approves your credentials, credit, and mortgage load this is termed a Pre-Approval. Pre Qualification- Pre-Qualification for a loan entails sitting down with a representative and discussing what you can afford given your down payment, debts, and future mortgage considerations. This meeting in no way allows the lender to check up on your credit, job history, etc. Pre Approval- Pre-Approval is granted by your lender only upon approval and verification of your credentials, your income, debt load, credit report, and more. Some Lenders find the information from your previous tax returns sufficient. Other requests range from proof of employment, to the need for a co-signer. The sheer number of options involved in borrowing the money for your new home do not allow for all facets to be covered here. Talk to your Agent for more detailed options for you. |
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