Month: January 2012
Pre-qualified vs Pre-Approved
What does it mean to be pre-qualified for a home loan? Pre-qualified for a loan gives you an idea of how much you might qualify for. You have not applied for a loan. The mortgage officer has only your word on your income, assets and liabilities. None of the information […]Read More
Credit Scoring: What’s the Grade?
When you apply for a mortgage loan lenders want to know the risk. FICO® scores are the credit scores most lenders use to determine your credit risk. Credit bureau scores are often called “FICO® scores” because most credit bureau scores used in the U.S. are produced from software developed in […]Read More
What Does It Mean To “Lock In” A Rate?
A rate lock is a lender’s promise to keep a specific interest rate on hold for you and a specific number of points for a period of time while your loan application is being processed. This prevents you from going through the trouble of the whole application process and at the end; finding out the […]Read More