Chase Home Loan Pre Approval - We have received 4 short sale permits. And they close in February. One of them is Penderbrooke Square. Very nice 1 bedroom. Bank Chase and they forgave our seller over 80K and he never had to pay it back. Other completed short sales with Citibank include 2bd/2ba condo. The seller forgives more than 100 thousand and does not have to return it. Our 3rd short sale closing was a townhome with Wells Fargo and the seller was forgiven over 150K with no repayments. Our 4th short sale townhome with Citibank was in February and the seller was forgiven over 120K and nothing to pay back.
When you sell your home, you must pay the difference to the bank. It can be hundreds of thousands of dollars and very unrealistic for many sellers.
Chase Home Loan Pre Approval
We have helped many clients in Northern Virginia successfully obtain short sale approval letters from their banks and not have to pay back the difference.
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We have partnered with a law firm that will represent you throughout the short sale process and negotiate on your behalf. The purpose of our short sale is to get the bank to forgive your loan. (Amount you owe after selling your property for less than you paid)
You haven't crashed the housing market, but like thousands of other homeowners like you, you may not be able to sell your home for the price you bought it for.
Take a look below at some of the short sale letters a law firm negotiated on behalf of sellers who didn't have to pay off their debt.
Short sale condo closed early September (Bank of America)* No repayment to bank
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Short sale condo closed at the end of May (Bank of America)* No repayment to the bank
Short Sale Townhome Closed End of March (EMC Mortgage)* No Bank Repayment Due
SHORT SALE SINGLE FAMILY HOME CLOSED END OF APRIL (PHH MORTGAGE)* NO BANK REPAYMENTS
Short Sale Condo Closed Early March (MetLife Home Loans)* No Bank Repayment Most real estate buyers have heard that they need to get pre-qualified or pre-approved for a mortgage if they want to buy. These are the two main steps in the property mortgage application process. Some people use these terms interchangeably, but there are important differences that every home buyer should understand. Pre-qualification is the first step. This gives you an idea of how big of a loan you can afford. A pre-approval is the second step, a conditional commitment to actually giving you a mortgage.
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"The pre-qualification process is based on consumer input," said Todd Katarabek, a residential broker with Beverly-Hanks Realtors, an affiliate in Asheville, N.Y. "Pre-authorization is verified consumer data such as a credit check."
Getting pre-qualified means providing the bank or lender with their overall financial picture, including credit, income and assets. The lender will review everything and determine how much the borrower can expect to receive. Prequalification can be done over the phone or online and is usually free of charge.
Prequalification is fast, it usually takes one to three days to receive a prequalification letter. Remember that loan pre-qualification includes credit report analysis or an in-depth look at a borrower's ability to afford a home.
The initial pre-qualification step allows you to discuss your mortgage-related goals or needs. The lender will explain the different mortgage options and recommend the most suitable type.
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Discrimination in mortgage lending is illegal. If you believe you have been discriminated against on the basis of race, religion, sex, marital status, access to public assistance, national origin, disability or age, you may take action. One such step is filing a report with the Consumer Financial Protection Bureau or the US Department of Housing and Urban Development (HUD).
Again, the pre-qualification amount is not certain as it is based only on the information provided. It is only the amount that the borrower can expect to receive. A pre-qualified buyer does not carry the same weight as a more thoroughly vetted pre-approved buyer.
Pre-qualification, however, comes in handy when it comes time to make an offer. "A pre-qualification letter is mandatory for an offer in our market," Katarabek said. "Sellers are prudent and don't want to sign a contract with a buyer who can't fulfill the contract. This is one of the first questions we ask a potential buyer. If not, we recommend options to lenders whether you've met with the lender and determined your pre-qualification status. If so, we request a copy of the pre-qualification letter."
Getting pre-approved is the next step and is more involved. "Pre-qualification is a good indicator of creditworthiness and borrowing capacity, but pre-approval is the final word," said Katarabek. The borrower must complete a proper mortgage application to get pre-approved, and provide the lender with all necessary documents to perform a detailed credit and financial background check. The lender will give pre-approval up to a certain amount.
Pre Qualified Vs. Pre Approved: What's The Difference?
You will also get a better idea of the rate you will be charged through the pre-approval process. Some lenders allow borrowers to lock in an interest rate or charge a pre-approval application fee that can be several hundred dollars.
Lenders provide a written commitment to the exact loan amount, allowing borrowers to search for homes at or below that price. This gives borrowers an advantage when dealing with a seller because they are one step closer to getting a real mortgage.
The advantage of completing both the pre-qualification and pre-approval steps before looking for a home is that it gives the borrower an idea of how much money they have to spend. This prevents you from wasting time looking at overpriced properties. Getting pre-approved for a mortgage speeds up the actual purchase process by letting the seller know that the competitive market is fierce.
After selecting the home and making an offer, the borrower provides the borrower with a copy of the purchase agreement and other documents required as part of the complete underwriting process. The lender hires a third-party certified or licensed contractor to perform a home appraisal to determine the value of the home.
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Your income and credit profile will be double-checked to make sure nothing has changed since pre-approval, so it's not time to go out and finance a big furniture purchase.
The last step in the process is the loan confirmation, which is given by the bank only when the borrower and the house in question are approved, meaning the property is appraised at or above the sale price. If the appraiser discovers something that should be investigated, such as structural problems or a malfunctioning HVAC system, the bank may request additional information.
Getting pre-qualified and pre-approved for a mortgage gives potential home buyers a good idea in advance of how much home they can afford. But most sellers are more willing to negotiate with pre-approved people. Pre-approval allows borrowers to close on a home faster, giving them an edge in a competitive market.
No. Remember that you don't have to shop above your price range. Depending on the market, you may be able to move into the home you want for less than you were approved for, put extra money aside each month for retirement, the kids' college funds, or something else to check. list.
Get Chase Mortgage, Inc., Rachel Chase, Jenny Hatch, Shauna Mcneil
Pre-qualification and pre-approval are two different things. Being pre-qualified means that the mortgage lender has reviewed the financial information you have provided and believes you may qualify for the loan. Pre-approval is the second step in the loan process, which is a conditional commitment to lending you money for a mortgage.
Not always, but it can help convince sellers and their agents that you're a serious buyer.
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By clicking "Accept all cookies", you consent to the storage of cookies on your device to improve site navigation, analyze site usage and support our marketing efforts. Getting a pre-admission letter is similar to getting a college acceptance letter. A job offer letter is great if someone likes and trusts you enough to welcome you into their community. Getting a pre-approval letter is very satisfying as it usually takes 2-5 weeks
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