Willoughby, Eastlake and Perry Township Ohio real estate listings, home buying, selling and relocation information

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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 legal term used to describe the right of the U. S. government to condemn private land for public use?
A	Right of Eminent Domain allows the government to confiscate private land by paying full market value for the property.
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The Crockett Team, REALTOR®, real estate agents and broker for Willoughby, Eastlake and Perry Township Ohio home listings, property and land for sale - NUMBER1EXPERT(tm)

The Crockett Team
Howard Hanna Smythe Cramer
34601 Ridge Rd.
Willoughby, OH. 44094
Phone: 440 974-7444
Toll Free: 800 955-SOLD
Fax: 440 974-7440
Email: Service@TheCrockettTeam.com
The Crockett Team is Lake and Geauga County's leading full service Realtor team whose business success is based on a results oriented team approach. This dedication to service has resulted in The Crockett Team being honored by Realtor Magazine as the Top 100 Realtors out of over 1 Million Realtors in the USA. The Crockett Team gets results!

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