Getting Pre-Qualification vs. Pre-Approval Letter

Knowing the difference between getting pre-qualified for a loan, and pre-approved for a loan equips you to have the right information at the right time. Getting pre-qualified for a loan gives you an idea of how much you might qualify to borrow. You have not actually applied for a loan and the lender has only your word with respects to your income, assets and liabilities. This information has not yet been verified and the loan amount is in no way guaranteed. You may be given a pre-qualification letter stating you will likely to be approved.

Getting pre-approved means that your information has been checked and verified. The mortgage lender may also have pulled your credit report to learn about your credit history and credit-worthiness. Getting a pre-approval letter means that you are likely to be approved for a mortgage and also states the amount for which you may be approved. It carries much more weight than a pre-qualification letter.

Many things can happen during the process-so it's important to remember that you are not guaranteed to get a mortgage if you are pre-approved or pre-qualified.

Homeowner's Insurance

Many people are concerned about the question why a homeowner insurance is so important. The most important aspect is that if you don't have an insurance, you'll be responsible for protecting your home and property all on your own. If there're any damages to your home or other structures on your property, a homeowner insurance can provide you with money to repair your home, to rebuild your home and also to replace lost or damaged property. You should be aware of the fact though, that a homeowner insurance compensates you for many types of damage but there're some exclusions, such as wear and tear, flood, earthquake, earth moving and nuclear hazard. Furthermore, home insurance may also include personal liability insurance, so if someone is injured or you damage property that belongs to others, you won't be held legally liable, because the homeowner insurance may provide liability coverage.

Baccarat Hotel and Residence

 

New York City is poised to gain another piece of pricey property located in one of the most prestigious areas of Manhattan. The Baccarat Hotel and Residence includes a 114-room Baccarat Hotel and 61 apartments which present expensive amenities and service. Its elegant design and perfection in style fit perfectly to its location: 5th Avenue and 53rd Street across from Museum of Modern Art. The 50 story glass tower's private residences designed by Tony Ingrao are officially starting to be sold for a price that ranges from $3,5 to $60 million for a unit. Buyer's will have the opportunity to combine these units which are between 1,000-7,400 square feet.

 

A One-of-a-kind Residence

Interesting homes and interiors are often created by the past lives of the buildings. This gorgeous loft in NYC provides a good example. Regarding its past life, the loft has served a lot of different functions. It started out as a place to host dances, conventions and social events. After a huge renovation at the end of the 20th Century, the loft provided space for galleries, restaurants and bars, a lecture hall and a library. Artists also used it as a living and studio space. With its porthole windows, barrel arched ceilings and old wood floors the loft was a perfect choice for all of its former functions. All these elements of industrial design combined with its history make it easy to describe the loft as a one-of-a-kind residence. Right now it's available for sale with a $24 million price tag.

 

Manhattan Neighborhood Acronyms

Neighborhoods don't stay unnamed for a long time in New York City. It's astounding that such a small landmass keeps reinventing itself - new neighborhood acronyms pop up every year. Some of these acronyms are rather boring, like Midtown, which is obviously in the middle of the town. In that case it's easy to guess where the certain neighborhood is located, but what about SoHo, for instance. It's hard to tell where this neighborhood is located if you are not familiar with the area at all - it's short for "South of Houston". Same with TriBeCa, short for "Triangle Below Canal Street", or Nolita for "North of Little Italy". Brooklyn's DUMBO is really hard to guess as it's for "Down Under the Manhattan Bridge Overpass". More recently, the acronym NoMad popped up, created by a real estate developer who tried to attract condo buyers and new businesses. NoMad stands for "North of Madison Square Park" and is a good example that his plan seems to work out well, as NoMad is becoming quickly one of the hottest neighborhoods of Manhattan.