Buckfield Maine Area Homes For Sale 04220

Posts Tagged ‘loans’

Have you ever wondered what the difference is between a home loan pre-qualification and pre-approval?

For a pre-qualification, a mortgage broker usually sits down with a potential buyer and helps figure out how much they can afford and what type of loans may be available to them. This process may save you both time and money. Although you may receive a pre-qualification letter, it is not the same as loan pre-approval.

Loan pre-approval must be issued through the mortgage lender, and means the lender has made a firm commitment to the buyer to lend them money. Because it is a stronger commitment from your lender, it can become an extremely useful tool for me when it comes time to negotiate with sellers on your behalf.

According to the Boston Globe, recent reports from Freddie Mac reported rates on fixed mortgages again fell to their lowest levels in decades the week of Nov. 8th, with the average interest on 15-year loans dipping to 3.57% from 3.63% a week earlier. The average interest rate for 30-year loans slid to 4.17% from 4.24 percent. That is the lowest since 1971. The Globe went on to note that the impact of favorable borrowing costs is being somewhat dimmed by a high rate of joblessness, foreclosure and tight credit.