Hello Everybody :
30 year rate 5.375% was posted at local bank this week In Wausau WI.
15 year rate 4.750%
Home loan rates remain stable.
All APRs based on $100,000 loan subject to credit approval and 20% down.
Pre-qualification is when the loan officer takes the basic asset, income and debt informationn and determines how much of a loan the borrower qualifies for. Often this can be a simple calculation on your financial calculator. The originator may or may not pull credit for this. However, any professional would. Even if credit is pulled, at this stage there is no commitment form the lender and the "answer" is really tentative. It's almost like sitting next to someone on a plane and after a very brief conversation determining that they might be able to buy the $500,000 home if everything about what they say checks out!
Pre-approval is when then loan officer takes a full application determines which programs the borrower qualifies for and then is able to obtain some form of "approval". For example in the standard FannieMae or FrediMac programs you can run the borrower information through an automated system. The system then gives an approval level with conditions which need to be fulfilled. This oftentimes will mean employment, income, asset verification etc.
Not all programs have an automated system. However, a seasoned loan originator or someone who really does their homework will plow through the loan guidelines and look for any problems with getting the loan approved.
There is so much confusion on the topic that most loan originators do not even know the difference. Next time you run into a situation ask the loan originator the difference between a pre-qual and a pre-approval. If you don't like the answer they give you then it might be wise to dig a bit deeper into the paperwork on the borrower.
Think of this as your very own infomercial, although I don't know if my voice actually sounds as good as Billy Mays...
It's now OFFICIAL (drum roll please) - ahem, ahem - FIRST TIME BUYERS, YOUR $8000 TAX CREDIT IS NOW HERE AND READY FOR YOU TO TAKE ADVANTAGE OF!!!
Check it out HERE for all of the info!!!
Hello Everybody :
There is going to be a lot of people kicking there self for not taking advantage of this market for home buyers.
There is lot of deals out there , Interest rate at all time low, first time buyer tax credit of $8000. It's great time for home owner to move up to bigger and better home and probably stay at the same payment.
Houses in Wausau have come down what the house are really worth , not the bloated prices from the last few years of going up and up because of demand.
If you wait till 2010 to buy a home you will be paying top again for a home. Call a realtor today and go shopping !
"I'm bored" in Wausau are two words you'll never hear (or think) again. There's so much fun things to do nearby Wausau - all you need is one place to scope out all your options. Whether your ideas of fun are dinner and a movie or helping rebuild a neighborhood, start here to find your next adventure with our Wausau Things to do guide!
Wausau City Guide to Entertainment, Arts and More:
Wausau WI. Real Estate Information That Is Straightforward, Honest And To The Point. YOUR NEEDS ARE ALWAYS MY #1 PRIORITY
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