Posts from December 2023
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27
Mortgage Pre Approval Part 2 -Differences
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19
What is a Pre Approval
Preapproval, prequalification, automated underwriting, fully underwritten preapproval — all familiar terms, but do you know what they really mean? What impact do they have on your client's loan process or chances for approval? As a seller, what level of assurance does a lender letter offer?
In our two-part series, "All Preapprovals Are Not the Same," we're breaking down these commonly used terms and explaining the advantages and disadvantages of each.
Let's start by clarifying who can make an underwriting decision. In most cases, a lender's designated underwriter will ultimately be making the credit decisions. They rely on the same tools and guidelines that a loan officer does.
19
Rates Are Dropping!
Rates fall below 7%, driving momentum in the market
The seventh straight week of mortgage interest declines has led to more holiday season homebuying activity.
12
More Buyers Preparing for a 2024 Purchase
Potential buyers who couldn't close on a home this year haven't given up. Instead, they're girding their loins and preparing to make their move in 2024.
According to recent NAR research, around 49% of would-be buyers think buying is a better option than renting. Even more of them — 76% — think they can achieve their dream of home ownership. They're planning to make their dreams come true soon by working hard to prepare, including making sacrifices to save up for a down payment. Many are putting away as much as $800 a month. While almost all of them plan to eventually buy, around 40% are sure they'll be able to afford a home in 2024.1
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