Tag Archives | pre-qualified

Good Credit History: It’s Essential

Credit-historyMaintaining a good credit history is essential to your ability to purchase a home, get a car loan, borrow money for other purchases, take out insurance, rent an apartment, even get a job. For all these reasons, it is very important to monitor your credit history on a regular basis. Everyone is entitled to receive a free copy of their credit report each year from the 3 main credit reporting agencies: Experian, TransUnion and Equifax. You can get your free copies at: www.annualcreditreport.com.

Review the report from each of the reporting agencies (they can differ). Do this every year even if you are not in the market for new credit. It can help guard against identity theft and also help you prepare for the day you do need to take out a mortgage, refinance, buy a car, etc. Review the reports for accuracy. Read More

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Pre-Approval vs. Pre-Qualification: What’s the Difference?

prequalification vs preapprovalBefore you start home shopping, you may want to get pre-approved for a mortgage. Getting pre-approved for a mortgage is not the same as getting pre-qualified, although the terms are often used interchangeably. They are actually very different with implications for both buyers and sellers.

‘Pre-qualified’ means that a prospective borrower has spoken to a lender (often just over the telephone, or via an online application form), and that based on information supplied by the borrower, the lender says that the borrower would probably be approved for a specific loan amount –- provided, of course, that the borrower’s information all checks out. Read More

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