Understand the language of mortgage financing
Pre-approval, pre-qualification, mortgage refinancing, good faith investment….when you start learning about mortgage financing, it can be a little overwhelming! Our mortgage experts know the terms of the mortgage industry inside and out, but we know that the common person can get overwhelmed by these terms! That’s why we created this mortgage terms glossary, so that you can better understand your mortgage options. If you’d like to talk with a mortgage expert about your situation and your mortgage financing options, schedule an appointment with Patriot Home Mortgage in either St. George, Utah or Mesquite, Nevada.
Smart Mortgage Buyer - Glossary
The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qualification letter. Mortgage pre-approval includes all the steps of a full mortgage approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, similar to that of a cash buyer.