If there’s one thing all borrowers want to know, it’s how many days to close. The USDA loan has the unfortunate reputation of being slow to get to the closing. Luckily, it’s not the case. Yes, there is a longer period because of the USDA’s involvement in the loan. It doesn’t take months like many people assume, though. Here we look at how long the USDA process takes. Loan Origination No matter what loan program you choose, you start … [Read more...]
How is Pre-Qualified and Pre-Approved Different?
There are so many definitions floating around the mortgage industry. As a new homebuyer, they can be rather intimidating. Pre-qualified and pre-approved both sound pretty official. But, one of these terms means much more than the other. Can you guess which one? What’s the Difference? There is a big difference between being pre-qualified and pre-approved. Pre-qualified means your qualifying factors were looked over quickly. You told … [Read more...]