What does Mortgage Prequalification Mean?

Mortgage Prequalification simply means that a loan officer has taken some information from a borrower, and made a tentative decision, but not verified any of it. With a mortgage prequalification, the borrower typically has not stated their social security number or other identifiers. However, a borrower will give their employment, income, and other asset information and the amount of current monthly debt they have. In addition a borrower is asked about their general credit worthiness. Based on the above information the lender will give the borrower a written amount of what the borrower can afford. This mortgage prequalification number is solely based on the information submitted by the borrower only and not verified. If you need further help in obtaining mortgage prequalification please visit http://www.ratesarehot.com where our expert underwriters are waiting for your questions regarding mortgage rates, mortgage purchases, mortgage refinances, FHA loans, FHA refinances, as well as mortgage pre-qualifications.

What is a Reverse Mortgage you ask?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that has built up over the years of home mortgage payments can be paid back to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower no longer uses the home as his or her personal residence. To be eligble for a Reverse Mortgage you must have a single famly home or a 1-4 unit home with one unit occupied by the borrower. The amount you can borrow depends on your age, the current interest rate and the appraised value of your home and FHA’s mortgage limits in your area which ever is less. Generally, the more valuable your home is, the older you are, the lower the interest the more you can borrow. RatesAreHot.com can help you find a lender if you feel that you would pre-qualify for this type of mortgage. Go to http://www.ratesarehot.com