What is the difference between a pre qualification and mortgage pre approval

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When you are buying a home financing can seem complicated. In Kansas City real estate purchase offers must include a pre-approval letter. In some parts of the country sellers require the real estate agent to have a pre-approval letter on file before the agent is allowed to show a property. The first option is a mortgage pre-qualification which helps you to understand how much home you can afford. The second is a mortgage pre-approval letter …

Sales of New Single-Family Homes Increase

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Sales of new single-family houses in August 2015 were at a seasonally adjusted annual rate of 552,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development (HUD) and the Census Bureau. This is 5.7 percent (±16.2 percent) above the revised July rate of 522,000 and is 21.6 percent (±18.7 percent) above the August 2014 estimate of 454,000. The median sales price of new houses sold in August 2015 was …

Applications for Home Purchases Show 4 Percent Dip

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The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for July 2015 shows mortgage applications for new home purchases decreased by 4 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. "Mortgage applications to home builder subsidiaries for new homes declined at a rate in line with the slowdown observed in the overall purchase mortgage market," said Lynn Fisher, MBA’s Vice President of Research and Economics. …

Mortgage Applications Report Little Change

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Mortgage applications increased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 17, 2015. The Market Composite Index, a measure of mortgage loan application volume, increased 0.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 0.4 percent compared with the previous week. The Refinance Index decreased 1 percent from the previous …

Q: Are There Such Things as No-Cost and No-Fee Loans?

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A: You see promotions for them all the time.  But banking regulators have gone after lenders who misrepresent these loans.  The reality is that no-cost and no-fee loans may actually cost the borrower more over the long term because costs are often hidden by rolling them into the new loan through higher principal or interest. The rates on no-cost loans are usually about 1/2 or 5/8 of a percentage point higher than the "full cost" …

Q: Which Is Better, a 15-Year or 30-Year Loan?

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A: The 15-year mortgage offers you a chance to save thousands of dollars over the life of the loan. This is because the interest rate is typically lower and amortization is half that of the 30-year loan, which means that the total interest paid on the 15-year note, as compared to a 30-year note, is significantly less because of the shorter borrowing period. Put another way, a 15-year loan accrues principal much more quickly than …