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This question is from FINC 397 - Principles of Real Estate. You are representing a buyer-client who has asked you the following questions. How would
This question is from FINC 397 - Principles of Real Estate.
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?
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