Latest news with #preapproval
Bloomberg
4 hours ago
- Business
- Bloomberg
Health Insurers Pledge to Reduce Red Tape for Care Approval
A group of the nation's largest health insurers agreed to streamline preapprovals for medical care, addressing a controversial process that can result in delays or outright denials of patient treatment. The insurers pledged to reduce the number of procedures that require so-called 'prior authorization,' standardize processes across different plans and ensure 80% of electronic approvals for medical claims are answered in real time. The voluntary changes, which would be implemented on varying timelines by 2027, are set to be formally announced on Monday.
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Health Insurers to Promise Changes to Preapproval Process That Drew Backlash
Following the backlash that hit health insurers after the killing of a top executive last year, the industry will pledge steps meant to smooth the controversial preapproval process that can deny or delay access to care. The initiative is set to be unveiled early next week, according to people familiar with the matter.
Yahoo
2 days ago
- Business
- Yahoo
How long does it take to buy a house?
You may have been waiting a long time to buy a house. Your income is solid; you've gotten your credit in shape and saved for the down payment. All the hard stuff, right? Now that you're ready to jump in, how long does it take to buy a house? Yahoo Finance estimates that buying a house can take anywhere from four months to nearly seven months. That's a pretty big range. But check out the timeline below, make adjustments for what you've already taken care of, and you'll have a good idea of where you are and how much longer it might take. Questo contenuto incorporato non è disponibile nella tua area geografica. Read more: First-time home buyer in 2025 — What you need to know You'll want to talk to lenders before you start house hunting. Shopping for a mortgage lender is one of the most significant steps in buying a house. The goal is to find the best mortgage lender with the lowest fees and most favorable interest rate. It is really a two-step process, beginning with a mortgage preapproval. Ask for a Loan Estimate from each lender. It details expected loan terms, including the monthly payment and closing costs. It is not an official loan approval but can be a shopping tool to help you decide on the best lender. It's a good idea to limit all your lender shopping to 45 days or less so that any multiple credit inquiries made by the lenders will have less impact on your credit score. Once you narrow down your contenders to your favorite two or three, get a written preapproval from one of them — then start your home search. The second stage of your lender competition will come after you have a buy-sell agreement in hand. That's when you'll get your lender finalists to fine-tune their offers and choose the provider with the best terms before submitting an official loan application. Read more: How to get the lowest mortgage rates You may think all you have to do is contact the real estate agent on the for-sale sign of the house you're interested in. However, that agent represents the seller, not you. Instead, you'll want to interview and select a good buyer's agent to guide you through the search-and-offer process. Talk to two or three and find a knowledgeable, responsive agent who stands out as a savvy negotiator. Have questions about buying, owning, or selling a house? Submit your question to Yahoo's panel of Realtors using this Google form. According to 2023 National Association of Realtors research, before making an offer, home buyers looked at more than a half-dozen homes, plus researched houses online, during an average 10-week period. If you've been thinking about buying a house, it's likely that you have already dedicated a big chunk of time to this. Making an offer on a house can be quick and simple — or protracted and complicated. A lot depends on the supply and demand of your local housing market. You may have to submit an offer to the seller and negotiate a couple of counteroffers until you get a final agreement. Deftly handling these negotiations is when your real estate agent can really earn their commission. Now that you have a signed purchase agreement, it's time to revisit your lending finalists and see which is willing to improve their loan offer. Your final choice may or may not be the lender who gave you the preapproval. Learn more: 6 steps to choosing a mortgage lender After choosing the lender you want, you'll submit an application, and the underwriting process will begin. The lender will likely ask for additional documentation and have questions regarding your submitted paperwork. The loan decision can take three or four weeks, with another week or so until closing. In the meantime, you'll be busy setting up and getting the results of a home inspection, preparing to move, nailing down homeowners insurance, and getting the results of the home value appraisal. Three days before signing the paperwork, you'll receive a Closing Disclosure with a final tally of all the mortgage numbers. Before closing day, you'll conduct a final walk-through of the home to be sure any requested repairs or upgrades have been completed — or to ensure the home's condition hasn't changed. Closing on the house will be an hour or two in a closing agent's office or a virtual signing session. The fastest you can close on a house is usually 30 days. You might close even sooner if you're buying in all cash or waiving common contingencies that could eat up time. The closing process will likely take 30 to 45 days. But the house-buying process is more than just closing — from getting preapproved to shopping for houses to getting the keys to your new place, it could take several months. Once your offer is accepted, closing on a house typically takes 30 to 45 days (though this process can take less or more time depending on various factors). After your offer comes the home appraisal, inspection, and underwriting process. It could also take longer if you need to negotiate with the seller about closing contingencies or seller credits.
CTV News
20-05-2025
- Business
- CTV News
Affinity Credit Union - How to get ready for the property of your choice
Regina Watch Ask an Expert: Affinity Credit Union. In this segment, we learn more about pre-qualifications and preapprovals in your house search. #sponsoredcontent
