There are a few steps that need to be followed when applying for a mortgage. Even though it can seem complex or confusing you can be enjoying benefits of owning your own property. Just pay attention to the vocabulary and all it means.
The first step is to be pre-approved for a loan. Being pre-approved for a mortgage is sometimes a misleading term that can be confused. When you think of being pre-approved, you think of already having your foot in the door. But just because you are considered pre-approved doesnt mean that the loan yours. Keep in mind that there is a large difference between being pre-qualified and being pre-approved.
To pre-qualify for a mortgage, the loan officer collects a little bit of information from you and then tells you what type of loan you could qualify for. Its a very easy process and just about anyone can do it. There are even many ways to be pre-qualified via the internet. It kind of shows the banks and financial institutions that you are interested in getting a mortgage.
Being pre-approved is a bit a more difficult process. Lenders make a detailed list of your credit scores, your job history, annual income, potential savings and many other financial matters. This is a more detailed process that lenders perform to see if you can and will pay back the mortgage in a timely manner.
After you have been pre-approved for the loan, the lender needs to give you written proof with all of the terms and conditions of the mortgage. This should include the loan type and the interest rates. If you do not agree with any of these terms or are unwilling to meet them, the lender can withdraw the offer.
Once you become pre-approved, it is important that you pay attention to all the details. At times, you could be pre-approved for one type of loan but not another. If you feel like you want to change the loan type, you need to contact the loan officer immediately. Sometimes, lenders will be able to pre-approve you for one type of loan but not others.
Just remember that because you are pre-approved for a mortgage does not guarantee that the loan will close. If for instance, there are changes in your credit report, the lender has the right to withdraw the pre-approval. Having good communication on your part will assist the loan officers in being honest and open with you. Also pay attention to all the details of the loans, offers, etc. If you do not feel comfortable with what is being offered, dont be afraid to shop around and find the best offer for you. Mortgages are large loans and you want something that you can feel comfortable with.
Ebay offers it’s members the facility to open an ebay shop. The advantage to doing this, is that items can be listed for less, however the disadvantage is that these items won’t appear in the regular search results.
Ebayers have developed a way round this, with what is known as the “pre-approved bidder" technique. This technique is often used by sellers wanting to build their selling feedback quickly, by listing 1p ebooks, with free shipping.
For example, you want to list 100 copies of the same ebook, in a buy it now (BIN) format for 1p each, with free shipping.
Firstly, ebay will not allow regular auction BIN items to be listed with a price less than 99p. But you can list them with a BIN price of 1p, if you list them in your ebay shop. It is also cheaper to list them in your shop.
So you’ve listed your 100 ebooks at 1p BIN, but they don’t appear in the search results.
The way round this is to now list a regular auction item for your ebook, with a starting bid of 1p, and in the description of your item, you put in a hyperlink that says “This auction open to pre-approved bidders only, click here for instant approval".
When the buyer clicks on the link, it does nothing more than transfer them to the item in your store, where they will purchase the item from your BIN listing.
So that’s the secret of the “pre-approved bidders" auction. It’s all about saving money on listings, and finding a way round some of ebay’s restrictions.
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