Prequalification, preapproval, and loan commitment: What you need to know
Prequalification, preapproval, and loan commitment are important terms in the homebuying process that represent three distinct steps. We’ll guide you through each step, explaining their role in the mortgage process, which steps are most essential, and when they’re performed. Step 1: Prequalification The terms “prequalification” and “preapproval” are often confused or used interchangeably, but they […]
How to know when to buy a house
While there are plenty of external factors that influence a person’s decision to buy a home, the most important factors are personal. Consider your own personal comfort where you are now. Are there things you wish you had or were able to do at your current place? Are you happy renting or do you want […]
Mortgage preapproval vs. loan commitment: What’s the difference?
The mortgage process contains many steps and terms that can be confusing for a new buyer to navigate on their own. You may wonder how preapproval is different from approval, or what a loan commitment represents in the process. While some professionals may use these terms interchangeably, they do have their different specifications. We’ll help […]
A Loan Commitment Letter—Why Do You Need It?
Interested homebuyers frequently overlook a crucial step in the process of buying a home: a loan commitment letter. Don’t confuse this essential document with a pre-qualification letter or a pre-approval letter, both of which are also significant steps but not the ultimate goal. Without a loan commitment letter, you could find yourself in even […]
How long does it take to buy a house?
If you’ve ever followed along while a close friend or family member purchased a home, you might have noticed varying timelines. Some people find the home process to be difficult, long, and involved. Others seem to breeze through the process and get into a new home quickly. The answer to how long it takes to […]
How to choose a mortgage lender
Buying a home is an involved, multi-step process, but the first step isn’t what people usually think. When you take this major life step, you need the right people by your side to guide you through the process and help you make choices that match your unique lifestyle. That’s why choosing the right mortgage lender […]