Don Heister

Don Heister

www.donald.hiester.c21anj.com/
CENTURY 21 Alliance 2101 RT-70 E Cherry Hill, NJ 08003
phone: 856.429.7700
mobile: 609.839.2465

Prequalification vs. Preapproval

Knowing how much you can afford before you start looking for a house can save you time and frustration. Getting a clear picture of your budget will ensure that you don't fall in love with a house you can't afford.

Prequalification vs. Preapproval

A pre-qualification involves the mortgage lender asking a few questions about your income, financial assets and any debt you may carry. The lender will also pull your credit report. You may receive a prequalification letter from the lender telling you approximately how much you may be able to borrow.

Pre-Approval

A preapproval also involves the lender reviewing your financial records and credit history, but it goes a few steps further than a prequalification. When you get preapproved, you'll also complete a mortgage application, and the lender will underwrite (or fact-check) the information you provide. Once you're pre-approved, you'll receive a preapproval letter stating how much you can get approved for.
Pre-Qualification

Reverse Mortgage Benefits

You choose one of the following payments each month:

  1. No payments are required as long as you live in your home.
  2. Income received from your Reverse Mortgage is usually tax-exempt (consult your tax adviser) and does not affect regular Social Security or Medicare benefits, but may affect eligibility for other types of government assistance.
  3. You retain ownership of your home.
  4. You can use the proceeds to pay off an existing mortgage and eliminate your monthly mortgage payments.
  5. Reverse Mortgages provide you with a source of income that can be used to improve your standard of living and maintain your independence.