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This article will give you a perspective through the eyes of a bank or financial institution so that you can know what they are looking for when it comes to deciding whether or not somebody is considered a trustworthy borrower, and what goes into the mortgage preapproval process. The Difference Between Prequalified and Preapproved While people will sometimes use the words prequalification and preapproval interchangeably, these two words do not mean the same thing and it is important to understand the difference. Prequalification means that you have met with someone at a financial institution and discussed the particular issues of your personal finances such as your income, assets, commissions, and debts, and from that discussion the lender has offered an educated opinion as to how much money you are qualified to borrow. Preapproval is a much more in-depth evaluation where the financial advisor will actually go over your paperwork such as past paychecks and pay stubs, tax forms such as

The impact of falling home prices on home equity values has been well documented; but now, other areas are being affected, as well.In the board game Mouse Trap, a crank-operated device sets off a series of events that ends with one player getting stuck in the trap. Today's real estate industry seems to have its own game of Mouse Trap going on, as falling home prices create unexpected consequences that can catch homeowners, local governments, renters, and property investors off guard. Incredible shrinking home equity Through the end of September 2008, the Standard & Poor's/Case-Shiller home-price index had fallen more than 23 percent since its highpoint in 2006. That equals an average decline of $23,000 for every $100,000 of original home value. The impact on household home equity has been striking; existing home equity credit lines have been cut or canceled, and thousands of homeowners have fallen underwater on their first mortgages. Existing homeowners and new homebuy

Did you know that if you're applying for a new job or are being considered for promotion, your employer (current or prospective) can ask to see a copy of your credit report? Here's a list of entities that are allowed to request for your report and what they use it for: Current and prospective employers. Many employers are now requesting for copies of their employees' credit report to conduct background checks, and when considering an employee for promotion or reassignment especially for key or sensitive positions. Before they can get a copy of your credit information, however, employers must get your written authorization and provide certain disclosures. Government agencies. If you have applied for public funding assistance, government agencies may request to see your credit report to check if you are eligible for funding. Their purpose is to see if you have other sources of income or have any assets they're not currently aware of. If you have kids and are in the midst

Your credit score is not as good as you would like to? Have you made bad moves with your finances? You can start changing your situation and also solve your economical trouble by following these tips. Where To Start? Find what you are doing wrong. You can not change your past actions, but you can always find what is that you are doing wrong nowadays and start working on it. Try to make a list of all your current expenses including your monthly budget, credit cards and any loan you may have. Then try to find out what is the most difficult bill to pay month by month and start working there. Credit Card Issues If your biggest problems are credit cards, take a few minutes to review your credit card's statements from the last six months. Make a list of which things are overcharging your credit card. Then divide those expenses into necessary and unnecessary, and try to leave this last group out of your plans from now on until your situation improves. Remember that any little thing counts

College credit cards can also be known as student credit cards. A student card is a new term for young people attending college. Older people are aware of credit cards, which are used for various purposes. College students mostly use these types of credit cards, which are somewhat similar to normal credit cards. A student might have a credit card that had links to his/her parent's account. Distinctions From Normal Credit Cards: 1. The major difference in these types of credit cards is they are exclusively for school purposes. 2. The second difference is students are not aware about the usage of these cards, as a result, they start spending on unnecessary expenses. 3. Money spent on cards is to be paid back. 4. Students need to be aware of the details of card usage. Credit card companies require a caretaker (parent or guardian) on part of the student applying for such credit card to keep that student away from all hassles. One advantage is that the credit added to such type of credi

In a declining real estate market, anyone selling a home is desperately trying to squeeze home equity dollars out of a sale. More sellers are deciding to be their own brokers-a bold move that has equal amounts of risks and rewards. Compare Home Equity Rates Compare rates from up to 4 lenders for home equity GO » As the housing market continues to tank, homeowners are considering alternative ways to generate as much home equity as possible from their sale. The first thing on the chopping block is often a real estate broker's commission. In the past, when housing values were sky high, homeowners were willing to let a real estate broker claim a 5 to 7 percent commission. But the new declining market has changed everything, and many homeowners are trying to sell their homes without a broker. For Sale By Owner (FSBO)-the benefits Thanks to the Internet and a realization that FSBOs will sell on the market, the do-it-yourself approach to home sales has steadily increased over the years. A