Tag Archive: mortgage

Prequalified vs preapproved: Understanding mortgage terminology

If you’re a first-time homebuyer, odds are you’ve encountered the words “prequalified” and “preapproved” interchangeably. However, when it comes to home loans, there are some critical differences between the two. Mortgage prequalification Getting prequalified helps borrowers find out what kind and what size mortgage they’re likely to be approved for. ...

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The basics of recasting your mortgage payments

Recasting mortgage payments is a little-known gem when it comes to homeowner finances. It’s often viewed as a method to lower monthly payments without extending the length of your loan term. But what exactly is mortgage recasting? Are there any disadvantages to it? What about my interest rates? Will my ...

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