The Redington preapproval process is much
more complete than pre-qualification in Florida. For pre-qualification,
the mortgage loan officer asks you a few questions and provides you
with a pre-qual letter. Pre approval includes all the steps of a full
approval, except for the appraisal and title search. Pre approval
can put you in a better negotiating position when purchasing Redington
real estate, much like a cash buyer.
The Good Faith Estimate, also known as the GFE, is an estimate of the fees and charges associated with getting your mortgage. There are fees that you will be expected to pay at the closing or your mortgage. These fees are outlined on the GFE. The Real Estate Settlement Procedures Act requires every bank or mortgage company to give the buyer the estimate within three days of applying for the loan. Check your Redington mortgage rates online today.