Pre-qualification, Pre-approval, and Loan Commitment: What’s the Difference?

You’ve finally decided to take the plunge into homeownership, but finding out where to begin can be difficult. Here at Mortgage Specialists, we advise that you seek out a lender before beginning to house hunt.

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4 Common Home Buying Mistakes

When first-time home buyers come to us, we take the time to explain all the ins and outs of the mortgage process. We teach them what to look for and common home buying mistakes to avoid.

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Three Reasons to Get Pre-approved Early

It's generally best to obtain pre-approval early - before starting to look at homes. We recommend getting pre-approved as early as six months to a year in advance.

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Conventional Loan Guidelines

Conventional loan guidelines were created by the government and are enforced to protect the lender, borrower, and investor.

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How Long Is a Mortgage Pre-approval Good For?

In order to obtain a mortgage pre-approval, the buyer needs to provide their lender with a picture of their financial situation. After receiving the documentation, the lender analyzes the buyer’s information and determines if they’re eligible for a loan. If they are, the lender issues a mortgage pre-approval for a certain amount.

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How Do Lenders Verify Income?

Regardless of where you get a mortgage, you will always need three things - income, credit, and money down - and you’ll need the proper documentation for each.

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The 4 “P”s of Lending

First and foremost, buying a home and obtaining a mortgage is a significant financial decision, often involving substantial sums of money and long-term commitments. Whether it’s a mortgage company, credit

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What Makes up Your FICO Score?

Feeling like your financial fate is being determined by pesky, confusing digits? Credit scores are based on complex algorithms that take multiple factors into account such as payment history and

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Divorce Loans: Making The Transition

As of the 2010 census, there were 56 million married couple households. Because the divorce rate ranges from 40-50%, a lot of people need divorce loans. That being said, we

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Sellers Don’t Like FHA Loans

If you’re a first-time homebuyer, you may have heard that sellers don’t like FHA loans. You were probably left wondering why the seller would care about the type of mortgage

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