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Boomerang Buyers! What?

by Alan Daniels

TransUnion recently released the results of a new study titled “The Bubble, the Burst and Now - What Happened to the Consumer?”  The study shows that a substantial number of consumers (1.5 million) were effected by the housing crisis and are now reentering the housing market.  The next 3 years will continue to see an increase of home buyers as their situations improve and rent prices continue to rise.  Many of these home buyers are also wanting to reenter the market before home prices and interest rates effect the amount of home they can afford.

Home Buyers Colorado Springs

If you were one of the 5 million families effected by the housing crisis, now may be the time to jump ship from the increasing rent prices and own your own home again.

Home Loan Pre-Qualification vs. Pre-Approval

by Alan Daniels

Home Loans In Colorado Springs

Pre-Qualification is the first step in the mortgage financing process. You will answer a few questions to provide the lender with a quick idea of your income, existing debt, total savings and information on any co-borrowers.
 
A Pre-Approval is a much stronger documentation as it is in writing and shows that you have the full support of the lender. It means the Loan Application has been completed and reviewed by an underwriter. This is very important in saving you any hiccups in the loan process leading up to closing. The underwriter will review your income, debt ratio, and savings. You will have an exact amount that you qualify for from this point. Another reason why pre-approval is necessary before viewing homes. A pre-approval looks much stronger to a potential home seller showing that the financing is in place, and may make the difference in getting a home that has multiple offers on it. A pre-qualification is nice, but a pre-approval is the best way to go from beginning to end.

Displaying blog entries 1-2 of 2

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