Rye, Rye Brook and Harrison New York real estate listings, home buying, selling and relocation information

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Local Information: Rye, Rye Brook and Harrison New York home buying, real estate listings, and homes for sale in Westchester County, NY

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Financing Your Home >Qualifying For A Loan

It is useful for home buyers to understand the difference between loan pre-qualification and pre-approval. Pre-qualification, which in today's marketplace is usually done by mortgage brokers, means working with the buyers to determine how much they can afford and which loans are the most likely to be available to them. Loan pre-qualification can save buyers time and money and can even be a bargaining tool with a seller. However, pre-qualification is not the same as loan "pre-approval". The mortgage broker can often get the buyer a pre-qualification letter, but pre-approval must be issued by the mortgage lender.

Pre-approval means that the lender has definitely committed to loaning the buyer money, once the house itself is approved. Since it is a much stronger pledge, it is a much more valuable negotiating tool. When you hear someone talking about "pre-approval", they are referring to specific acknowlegment by a lender that they are willing to loan the buyer money. The real estate agent can be of assistance in this process.

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Q	Who is "Freddie Mac", and why is he a big name in real estate?
A	"Freddie Mac" is the nickname for FHLMC, the Federal Home Loan Mortgage Corporation, which buys mortgages from lending agencies, thus allowing lenders to continually replenish funds for new mortgage loans.
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Miriam Dunn, REALTORŽ, real estate agent and broker for Rye, Rye Brook and Harrison New York home listings, property and land for sale - NUMBER1EXPERT(tm)

Miriam Dunn
RE/MAX Prime Properties
800-974-1066
Miriam@MiriamDunn.com
I have been a Realtor in Westchester County for over 18 years. Westchester, with its easy commuting to New York City, is a most amazing place to live. There are so many amenities--from all the opportunities and conveniences to the wonderful and caring people. Prior to real estate, I was in the advertising and banking businesses. My experience in these fields, as well as extensive experience in the real estate business, has given me a great understanding of people and their varied personalities, terrific customer service knowledge, excellent negotiating skills, the foresight to manage my own business at RE/MAX Prime Properties, and the ability to market and help purchase the homes and property investments of many clients. Approximately 65% of my business comes from personal and professional referrals. I am truly honored by this and attribute all of my success to my clients, whom I consider the heart and foundation of my business. I am most grateful for their trust and confidence. As a full-time, professional Realtor, I take pride in my work, enjoy what I do, and am at my best helping clients in the sale and purchase of their homes. I look forward to assisting you, too, as your personal Realtor. Thank you.

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