Prequalification vs. Preapproval By BestQualify Prequalification Think of prequalification as the first-step in receiving approval. Prequalification gives you an estimate on how much of a loan you may receive. Pre-approval…

Foreclosures vs. Shortsales By BestQualify Foreclosures and Shortsales… What’s the Difference? Shortsales and foreclosures are options for borrowers who are experiencing financial challenges due to job loss or other event.…

What Costs Are Included in My Mortgage Payment? By BestQualify Principal The amount, unique to your loan, that pays down your unpaid debt. Interest The fees incurred for borrowing money.…

What Are Mortgage Points? By BestQualify Mortgage points are often referred to as rate discount points. You pay your lender a specified fee for a lower interest rate. Each point…

How Much Should I Save for a Down Payment & Closing Costs? By BestQualify This will largely depend on the type of loan you have. Some loans require at least…

What Are the Common Types of Mortgage Loans? By BestQualify There are different forms of mortgages that are available depending on your individual circumstances. Here is some key information on…