St. Louis Real Estate St. Louis Real EstateContact Jackie Martin, Realtor with We Sell St. LouisFrequently Asked Questions about Buying or Selling a HomeSite Map for Jackie Sells St. Louis, Realtor with We Sell St. Louis
financing your home purchase

Answers to Frequently Asked Real Estate Questions Continued

What is LTV?

LTV is an abbreviation for "Loan to Value." The LTV is the percentage of a property's value that the lender is willing to finance. The higher the LTV, the lower the down payment. FHA loans are typically 97% LTV, which would call for a 3% down payment.

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What is pre-qualified?

A pre-qualification is a statement by a loan officer that a person appears qualified based on the answers to some questions. None of the information has been verified and neither buyer nor seller should rely on this statement. A pre-approval is more reliable and strengthens the buyer's negotiating position.

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What is pre-approved?

A buyer can be preapproved after they have applied for a loan and had a credit report run. A pre-approval will have some exceptions. The fewer the exceptions, the stronger the preapproval. Remember the preapproval is only as good as the institution issuing it.

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pre-approved for home financing pre-qualified for your home loan

Do you have questions about financing your home purchase? Call or email me - Jackie Martin.

Jackie Martin, Realtor
email: Jackie[at]WeSellStLouis.com
We Sell St. Louis
3424 Missouri Ave.
St. Louis, MO 63118
office: 314-772-HOME (4663)
toll-free: 1-866-971-HOME (4663)
cell: 314-495-4428