Lewes DE
Homes for Sale
Under $100,000$100,001-$300,000$300,001-$500,000$500,001-$700,000$700,001-$1,000,000$1,000,001-$2,000,000Over $2,000,000 |
Rehoboth Beach DE
Homes for Sale
Under $100,000$100,001-$300,000$300,001-$500,000$500,001-$700,000$700,001-$1,000,000$1,000,001-$2,000,000Over $2,000,000 |
Bethany Beach DE
Homes for Sale
Under $100,000$100,001-$300,000$300,001-$500,000$500,001-$700,000$700,001-$1,000,000$1,000,001-$2,000,000Over $2,000,000 |
Dewey DE
Homes for Sale
Under $100,000$100,001-$300,000$300,001-$500,000$500,001-$700,000$700,001-$1,000,000$1,000,001-$2,000,000Over $2,000,000 |
Fenwick Island DE
Homes for Sale
Under $100,000$100,001-$300,000$300,001-$500,000$500,001-$700,000$700,001-$1,000,000$1,000,001-$2,000,000Over $2,000,000 |
Financing Your Home >Qualifying For A Loan
It is useful for home buyers to understand the difference between loan pre-qualification and pre-approval. Pre-qualification, which in today's marketplace is usually done by mortgage brokers, means working with the buyers to determine how much they can afford and which loans are the most likely to be available to them. Loan pre-qualification can save buyers time and money and can even be a bargaining tool with a seller. However, pre-qualification is not the same as loan "pre-approval". The mortgage broker can often get the buyer a pre-qualification letter, but pre-approval must be issued by the mortgage lender.
Pre-approval means that the lender has definitely committed to loaning the buyer money, once the house itself is approved. Since it is a much stronger pledge, it is a much more valuable negotiating tool. When you hear someone talking about "pre-approval", they are referring to specific acknowlegment by a lender that they are willing to loan the buyer money. The real estate agent can be of assistance in this process.
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| Q |
What is the world's longest frontier?
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| A |
At 3,987 kilometers (3,987 miles), the border between Canada and the U.S. is the longest in the world. |
 See More Real Estate Trivia > |
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NUMBER1EXPERT®
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