There’s not a lot of difference between a prequalification letter and a preapproval letter. While there are some legal distinctions, in practice both terms refer to a letter from a lender that says the lender is generally willing to lend to you, up to a certain amount and based on certain assumptions.
Preapproval on a VA home loan sends a message to real estate agents and sellers that you’re ready to become a military homeowner. Although there is no guarantee of loan approval, VA loan preapproval is a useful tool. The preapproval process gives lenders-and borrowers alike-a more accurate financial picture than the prequalification process.
The preapproval letter lets you know exactly how much house you can afford and helps you make a strong bid to the seller. Once you find the right house and go under contract, we can move forward in the loan process. At this time, you provide more detailed financial information. Through the process, our underwriters will carefully review your loan.
A mortgage pre-approval is based on your total monthly debts subtracted from your gross income. The pre-approval is flexible and depends on the property that you choose to buy.
Rest easy. You’ve got someone on your side. At SunTrust Mortgage, we take home mortgages personally. That’s why you’ll find a knowledgeable person readily available to answer your questions and ease your concerns as you go through the home loan process.
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Mortgage pre-approval is assurance from a lender to provide you with financing to buy a home up to a certain loan amount. "It’s a letter from your lender, written on the lender’s letterhead,
While it may seem obvious that you need to keep paying your bills during the period between a mortgage pre approval and your settlement date, some would-be borrowers neglect their finances in the excitement of shopping for a home.. Getting preapproved for a mortgage is no easy task, so the last thing you want to do is lose sight of your finances after you have been preapproved.
Since lenders realize that buying a house does take time, pre-approval does have a shelf life, but not an indefinite one. While the length of time.
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