To be completely honest, modifying any loan, especially your mortgage loan is something that can be extremely scary.  I think that switching up what you signed onto is something that needs a lot of research and something that you really, really need to consider, especially if you have a second mortgage!  One of the first things that you need to consider is a short sale.  This means that if you are trying to sell your home … you could sell it for less than it is actually worth, however that is something that the mortgage lenders will have to approve.

However, if you are not selling your home, how can you modify your mortgage and why would you want to?  Well, modifying your mortgage and refinancing even can honestly get you a lower mortgage rate each month, which is what every single person in the world is after.

You do however, want to make sure that you do your research – modifying anything is different and scary and it should be something that you really take under a lot of consideration!

Deal with mortgages is a very confusing and very time consuming thing to go through.  Whether you are the seller of a home or you are buying a home, it does not matter – the entire process is long and painful sometimes.  However, there are a few things that you need to know, for example, the differences between a mortgage pre-approval and a mortgage pre-qualification, which is better?  That is what we are going to talk about below!

First and foremost, whenever you are looking into getting yourself a home, you need to make sure that you start doing your researching.  That is what is going to assist you in the long run.  In essence, the mortgage pre-approval process is for those buyers that are looking to pick out a home and pay cash for it … while most of us can not do that, we have to go through the mortgage pre-qualification process.

In short, the mortgage pre-qualification process is where a buyer will contact a mortgage lender and asks the buyer to give up some information.  Most of the time, it will be current address, how long has the buyer lived there, their social security number, annual income, credit report and the amount of the down payment – simple information.  That is the difference between pre-approval and pre-qualification mortgages.

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