Do you know the difference between being prequalified or preapproved for a mortgage? This short video reviews the importance of being preapproved.
If you are currently preapproved with a lender, I recommend making sure that your preapproval has been underwritten by a “human underwriter” and not just “AUS” (automatic underwriting i.e. a computer). One way to make sure you have been fully underwritten is to ask your mortgage professional for the underwriter’s name…if they say “Fannie Mae” or “Freddie Mac” – that’s actually the automated underwriting system that lenders use. 😉
Being fully pre-underwritten not only helps to provide you with peace of mind with your loan approval, it also helps to expedite your closing AND may also help your offer be accepted over other offers with a weaker approval status.
If you have any questions or if I can be of any assistance, please reach out to me!
When Congress resolved the latest debt ceiling with the passing of The Financial Responsibility Act of 2023, both parties agreed to stop the forbearance on student loans payments. Federally backed student loan payments have been paused for the past three years due to the pandemic. Payments on student loans are set to resume following this September and many are not going to be prepared for this. 
I decided to take 
Yesterday I read an interesting 
Mortgage interest rates have been moving higher at a pace not seen in years. If you’ve been a subscriber to The Mortgage Porter, you may recall that I often say mortgage rates move up much faster than they come down…the jump over the last few days has surprised many. 
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