Pre-Qualified vs. Pre-Approved – What’s the Difference?

So you’re on the hunt for a new home. What should you do first? You’ve heard you should get pre-approved or pre-qualified, but which is it? Is there a difference? If you’ve ever been confused by the two, you’re not alone. Many people are under the assumption that the two options are the same, but, in fact, there are major differences between the two. Here’s the breakdown…

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3 Steps to Financial Independence for Millennials

The millennial generation is entering a job market and economy that comes with its own set of challenges. The Wall Street Journal reports that, “The financial crisis exacted a heavy toll on the generation of Americans now entering their 30s. Facing difficult job prospects, little-to-no income growth and a historically unprecedented level of student loans, their finances are in a more precarious state…” At the same time, this younger generation is empowered by technology and motivated by a strong desire for more freedom in their daily life.

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5 Ways to Find Your Dream Neighborhood

Most house hunters have a clear vision of their dream home. A gourmet kitchen. A yard for the kids. Lots of natural light. But how often is equal consideration given to the finer details of the location? How do you evaluate a neighborhood to determine if your dream home is truly in your dream location? Here are 5 ways to figure out if a neighborhood matches your lifestyle and investment goals.

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How Do You Document Income For A Mortgage?

What kind of income documentation do you need to provide in order to qualify for a mortgage? Lending requirements have changed at a rapid pace, largely due to a regulatory environment seeking to prevent a repeat of the real estate collapse. While it used to be good enough to state your income, regulations now require that income be “fully documented”. To clarify, here is a list of the forms of documentation that are used to verify income in the majority of mortgage qualification scenarios in 2015:

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How to Protect Your Mortgage Pre-Approval

It’s smart to begin your search for a new home with a pre-approval letter. The pre-approval is more in-depth then a pre-qualification letter, which does not include a credit analysis. In order to provide a pre-approval, your lender will pull your credit, analyze your income and asset documentation, and calculate your debt-to-income ratio, resulting in a reasonably accurate estimate of your spending limitations. This will give you a good idea of what you can afford and may give you an advantage over the competition.

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2015 Policy Changes Benefit First-Time Homebuyers

Recent policy changes from FHA, Fannie Mae and Freddie Mac are intended to make homeownership a more attainable goal for first-time homebuyers. What are the changes and what difference will they make? For those planning to enter the housing market for the first time, the right opportunity may come sooner than expected due to more favorable guidelines and lower costs.

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