Posts from December 19th, 2023
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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.
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