what is a mortgage pre approval
A mortgage pre-approval is an incredibly useful process that helps you get the home you want! When you apply for pre-approval, your lender will go over your finances and figure out exactly how much they can lend you at a specific interest rate.
A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because it means the lender has checked your.
A mortgage preapproval tells sellers you can back up your offer. To get a preapproval letter, you need documents verifying your income, employment, assets and debts.
Mortgage pre-approval letters are typically valid for 60 to 90 days. Lenders put an expiration date on these letters because your finances and credit profile could change.
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A mortgage pre-qualification is not a pre-approval. Sometimes lenders offer pre-qualification to quickly estimate what you can afford however there’s no guarantee it’s accurate. To shop with.
A pre-approval does not mean that you will ultimately qualify for the loan you want. What it does mean is that a lender has reviewed your finances and has determined how much you can afford, the best type of loan for you, and what interest rate you can qualify for.
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A pre-approval isn’t a guarantee of a loan. If you’re not careful, you could lose it. Here’s what to do and NOT do after your pre-approval. Congrats, you got pre-approved for one of the biggest loans of your life – a mortgage.
Preapproval vs. prequalification. With a mortgage prequalification, the lender or mortgage broker offers you a ballpark estimate of what you might be able to borrow based on information you provide. You tell them your approximate credit score, your income information, and how much you can offer as a down payment.
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