Temple, Belton, Salado and Bell County Area Real Estate Agent

Pre-approval and pre-qualification are two different things. During the pre-qualification process, a loan officer asks you a few questions, then hands you a "pre-qual" letter. The pre-approval process is much more thorough. During the pre-approval process, the mortgage broker does virtually all the work associated with obtaining full-approval. Since there is no property yet identified to purchase, however, an real estate appraisal and title search aren't conducted. When you're pre-approved, you have much more negotiating clout with the seller.

When you pay off your credit cards with your credit line, don't put your home on the line by charging large amounts on your credit cards again! If you can't manage the plastic, get rid of it!

Many lenders have "cash-out" seasoning requirements. If you draw against your credit line for anything other than home improvements, they'll consider your first mortgage refinance transaction a "cash-out" refinance. This creates stricter lending requirements and can, in some cases, break your deal!