Archive | Mortgage Approval Process

Difference Between a Mortgage Prequal, Pre-Approval and Conditional Approval

Prior to starting your home search and qualifying for a home mortgage loan, it’s important you know the difference between a mortgage prequal, pre-approval and a conditional loan approval.  Many people, even lenders and real estate agents, wrongly use the terms interchangeably. What’s the difference between a prequalification, pre-approval, and a conditional loan approval?  Each […]

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Lender Cover Up? Down Payment Assistance for FHA Approved Home Buyers in California

Unfortunately, very few home buyers in California using FHA loans to purchase realize they may qualify for down payment or closing cost assistance.  Why is this? Why aren’t lenders telling home buyers about programs that will save their buyers money? OK, I admit it.  This may be controversial among some of my peers, and I’ll […]

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Important Changes to FHA’s Insurance Premiums & Why California Homebuyers Should Care

HUD recently announced that starting October 4th (recently delayed), FHA is reducing the amount to be collected for their Up Front Mortgage Insurance Premium (UFMIP). However, FHA will also increase how much they collect on their Annual Mortgage Insurance Premium (MIP – collected monthly) for California’s Inland Empire (Riverside & San Bernardino County) home buyers. Confused? […]

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Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?

Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer?  Regardless of the motivation for keeping one property while purchasing […]

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