What’s the Difference Between Pre-Approval and Pre-Qualification?
This article has been updated on March 10, 2019 Pre-qualification Pre-qualification or Pre-quals, is a quick assessment about what you can afford. It is based on the opinion of a loan officer, 1-800 order clerk, website calculator, or Realtor. It includes an interview...
How to Qualify for a Loan When You’re Self-Employed
I often run into business owners who are frustrated because they were turned down for a loan they so obviously could afford. They ask me, “How is it that I am able to pay $2,500 in rent, and have a successful business, but I can’t qualify for a loan?” Having owned...
4 Myths About Fannie, Freddie, and FHA Loans
When trying to get the lowest down payment and the best loan rate, you’ll hear a lot about Fannie Mae, Freddie Mac, and FHA loans. However, people are often confused about these loan types. Myth #1: FHA loans are only for low income people: Not true! A FHA or...
Getting A Loan When You Are On A Fixed Income
A question I am often asked is, “How can I qualify for a loan when my only source of income is retirement income?” It is a common misconception that retirees can’t qualify for a loan because they don’t have a job. Here are 3 facts about qualifying in retirement: 1. If...