A beneficial prequalification means a demand to determine if the an applicant would likely be eligible for credit in the event that the guy used
To further clarify which variation, the fresh responses twenty five will bring these samples of questions whenever a buyers calls or wants another:
- Getting loan terminology, a member of staff of the bank explains the new creditor’s first loan terms and conditions, particularly rates of interest, loan-to-worthy of (LTV) ratio, and you may obligations-to-money (DTI) proportion.
- Having interest levels having auto loans and to offer the proper rate, the borrowed funds officer requests for new generate and you will sales cost of the auto and the quantity of the latest advance payment, after that offers the user the speed.
- For terminology for a loan purchasing a property, the user says to the borrowed funds manager their unique money and you will designed down commission, however the loan administrator merely teaches you the latest creditor’s LTV ratio policy or any other earliest credit guidelines, instead of informing the user if or not she qualifies to the mortgage. (더 보기…)
