2006-09-01 11:39:53 · 7 answers · asked by SABRINA G 1 in Business & Finance ➔ Renting & Real Estate
it means that u call and they will find a reason u do not fit the criteria....and tell u a much higher rate ...then EVERY other mortgage broker will hound u like a puppy!....use your bank for a mortgagte...IF U TRUST THEM!!...most of the other companies will snatch your house up in a heartbeat and throw it on the auction block!!...good luck!
2006-09-01 11:47:32 · answer #1 · answered by lawumun 3 · 0⤊ 0⤋
Okay...I am sorry, I just have to answer to lawumun. Are you some kind of complete idiot or something?! Really? Do you seriously think that a local bank is going to be anymore forgiving if someone stops making their mortgage payments? The smaller community bank for sure is going to watch their butts even more so because they don't have the money to lose on some moron that signs some mortgage papers, promising to pay their mortgage and then bulks. That is why their underwriting guidelines are so more harsh, and why it is is much harder to get a loan from a smaller community bank. I am sorry, but your thinking is very skewed and completely out of line for this question.
Savings and loans DO NOT specialize in mortgage lending. They specialize in checking, savings, CD's adn other type accounts. Including car loans and personal loans and home equity lines of credit. A mortgage banker by far is who you want to deal with when seeking a mortgage. They do it everyday and are completely up to date on all aspects of lending.
Please, the next time that you want to answer a question on here and screw someones head up, please do some research and think before you go spatting off at the mouth.
To answer the question...it means you are pre-approved based on what you have told the loan officer up to that point. Prove it all in black and white and provide all the conditions that they give you adn you got yourself a house.
Sorry for the hostility here, but when half wit people try and answer questions that are as important as these, it really pisses me off. Sorry.
Good luck to you.
2006-09-02 00:03:39 · answer #2 · answered by Kaz 3 · 0⤊ 1⤋
This means that a lender's underwriter has checked your credit, income information debts on your credit report and has determined that with your income, credit score, amount of debts you pay per month from from your credit report as well as the amount you are able to pay per month for a house they are able approve a loan for you for 95% of a certain purchase amount for a house.
If you look at your pre-approval you will find an interest rate, loan amount as well as monthly payment to include the terms amount of months it will take you to pay off the loan it could be a 30 year loan, 25 year loan or a 15 year loan. Your approval will also indicate if the interest rate is fixed for the life of the loan or is an adjustable loan that adjust after a certain period of time has expired.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-09-01 18:54:43 · answer #3 · answered by Skip 6 · 0⤊ 0⤋
It means that you have been selected and approved for loan at 95% of the appraised value. So multiply the appraised value of the home by .95 and that is the amount that the bank is willing to finance.
2006-09-01 23:07:54 · answer #4 · answered by B. T 2 · 0⤊ 0⤋
this mean, that you need to bring 5% your own money for down payment on the loan amount you apply for. 95% bank will finance and rest have to be your money.
2006-09-01 22:15:52 · answer #5 · answered by bianca 4 · 0⤊ 0⤋
say a house has a market value of $100......
you are approved for $95 loan on this value/worth.
2006-09-01 18:46:48 · answer #6 · answered by steelmadison 4 · 0⤊ 0⤋
it means someone is spamming you.
2006-09-01 18:42:34 · answer #7 · answered by toolewhomper 1 · 0⤊ 0⤋