Steps in the loan process and the difference between qualifying and pre-aproval.
You are representing a buyer-client who has asked you the following questions. How would you respond?
- Describe the steps in the loan process and explain the difference between prequalifying and preapproval.
- Describe the purpose of TRID and the various sections of the form.
- Describe the three appraisal approaches to value and how the bank uses this information in the loan qualification process?
- Identify the three primary loan documents and the purpose of each.
- Describe the difference between a mortgage broker and a mortgage banker and which one would you recommend the buyer to use?